Ethereum ETH/USD ends the trading week at the level of 1677 and continues to move as part of the fall and the bearish channel. Moving averages indicate the presence of a bullish trend for ETH/USD. Prices have broken through the area between the signal lines, which indicates pressure from cryptocurrency sellers and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a price increase and test the resistance level near the 1855 area. From where we should again expect a rebound down and a continuation of the fall in the exchange rate and the cost of Ethereum with a potential target below the level of 825.
Ethereum Weekly Forecast August 21 — 25, 2023
An additional signal in favor of falling ETH/USD quotes in the current trading week August 21 — 25, 2023 will be a test of the bullish resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option of falling cryptocurrency prices in the current trading week will be a strong growth and a breakdown of the level of 1975. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes with a potential target above the level of 2305. Confirmation of the fall of the Ethereum cryptocurrency will be a breakdown of the support area and closing of quotes below the level 1475, which will indicate a breakdown of the lower boundary of the bullish channel.
Ethereum Weekly Forecast August 21 — 25, 2023 suggests an attempt to develop growth and test the resistance area near the level of 1855. Where should we expect a rebound down and the cryptocurrency will continue to fall to the area below the level of 825. An additional signal in favor of the fall of the Ethereum rate will be a test of the trend line on the relative strength indicator. Cancellation of the downside option will be a strong growth and a breakdown of the 1975 area. In this case, we should expect continued growth with a target above the 2305 area.
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