Ethereum ETH/USD ends the trading week at 2077 and continues to move as part of the fall and the formation of a bullish ”Wolfe Wave” pattern. The moving averages indicate a bearish trend for ETH/USD. Prices have broken through the area between the signal lines down, which indicates pressure from cryptocurrency sellers and a potential continuation of the fall already from current levels. At the moment, we should expect an attempt to develop a price reduction and a test of the support level near the 1705 area. From where we should again expect a rebound upwards and continued growth in the rate and cost of Ethereum with a potential target above the level of 3505.
Ethereum Weekly Forecast May 16 — 20, 2022
An additional signal in favor of the rise in ETH/USD quotes in the current trading week May 16 — 20, 2022 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish ”Wolfe Wave” pattern. Cancellation of the option of growth in the value of the cryptocurrency in the current trading week will be a fall and a breakdown of the level of 1205. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 755. Confirmation of the rise of the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 2355.
Ethereum Weekly Forecast May 16 — 20, 2022 suggests an attempt to decrease and test the support area near the level of 1705. Where should we expect a rebound and continued growth of the cryptocurrency to the area above the level of 3505. An additional signal in favor of the growth of the Ethereum rate will be a test of the trend line on the indicator relative strength. Cancellation of the rise option will be a fall and a breakdown of the area of 1205. In this case, we should expect a continuation of the fall with a target below the area of 755.
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