Ethereum ETH/USD ends the trading week at 2836 and continues to move within the growth and bullish channel, the bears failed to break through the lower boundary. Moving averages indicate the presence of a bullish trend for ETH/USD. However, prices have broken through the area between the signal lines down, 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 3355 area. From where we should again expect a rebound and a continued fall in the exchange rate and the cost of Ethereum with a potential target below the level of 1165.
Ethereum Weekly Forecast February 7 — 11, 2022
An additional signal in favor of falling ETH/USD quotes in the current trading week February 7 — 11, 2022
will be a test of the downtrend line on the relative strength index (RSI). The second signal will be a rebound from the resistance area on the price chart. 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 3805. This will indicate a breakdown of the resistance area and a continued rise in ETH/USD quotes with a potential target above the level of 4805. Confirmation of the fall of the Ethereum cryptocurrency will be a breakdown of the support area and closing of quotes below the level 2165, this is a strong support for buyers of the asset, as well as a breakdown of the lower limit of the bullish channel.
Ethereum Weekly Forecast February 7 — 11, 2022 suggests an attempt to decrease and test the resistance area near the level of 3355. Where should we expect a rebound and the cryptocurrency will continue to fall to the area below the level of 1165. An additional signal in favor of Ethereum’s depreciation will be a test of the trend line on the indicator relative strength. Cancellation of the fall option will be a strong growth and a breakdown of the area of 3805. In this case, we should expect a continuation of the rise with a target above the area of 4805.
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