Ethereum ETH/USD ends the trading week at 1565 and continues to move as part of the fall and the downward channel. The moving averages indicate a bearish trend for ETH/USD. Prices are again testing the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a price correction and a test of the resistance level near the area of 1725. 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 565.
Ethereum Weekly Forecast March 6 — 10, 2023
An additional signal in favor of falling ETH/USD quotes in the current trading week March 6 — 10, 2023 will be a trend resistance test on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending 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 2265. 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 2755. The fall of the Ethereum cryptocurrency will be confirmed by a breakdown of the support area and closing of quotes below the level 1445, which will indicate the completion of the formation of the double top reversal pattern.
Ethereum Weekly Forecast March 6 — 10, 2023 suggests an attempt to develop growth and test the resistance area near the level of 1725. Where should we expect a rebound down and the cryptocurrency will continue to fall to the area below the level of 565. An additional signal in favor of the depreciation of Ethereum will be a test of the trend line on the relative strength indicator. Cancellation of the fall option will be a strong growth and a breakdown of the area of 2265. In this case, we should expect continued growth with a target above the area of 2755.
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