Ethereum ETH/USD ends the trading week at 1900 and continues to move within the correction and bullish channel. Moving averages indicate the presence of a bullish trend for ETH/USD. Prices have broken through the area between the signal lines up, 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 reduction and a test of the support level near the area of 1765. 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 2995.
Ethereum Weekly Forecast May 8 — 12, 2023
An additional signal in favor of the growth of ETH/USD quotes in the current trading week May 8 — 12, 2023 will be a test of the bullish support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. 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 1435. 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 1025. Confirmation of the growth of the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 2475 , which will indicate a breakdown of the upper limit of the bullish channel.
Ethereum Weekly Forecast May 8 — 12, 2023 suggests an attempt to develop growth and test the support area near the level of 1765. Where should we expect a rebound upwards and the cryptocurrency will continue to grow to the area above the level of 2995. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line on the relative strength indicator. Cancellation of the growth option will be a fall and a breakdown of the area of 1435. In this case, we should expect a continuation of the decline with a target below the area of 1025.
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