Ethereum ETH/USD is traded at 717. The cryptocurrency is traded below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Ethereum. The test of the lower boundary of Ichimoku Kinko Hyo Cloud near the area of 725 is expected, from which we should expect a rebound and an attempt to continue the fall of the cryptocurrency with a target at the level of 560.
Ethereum forecast & analysis ETH/USD May 16, 2018
An additional signal in favor of the growth of the cryptocurrency will be the test of the resistance area, as well as the formation of the reversal model «Head and Shoulders». Earlier, a weak signal was received for buy of the Ethereum cryptocurrency, due to the crossing of the signal lines at the level of 720.
The abolition of the Ethereum fall will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud and the close above the level of 770, which indicates a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in quotations ETH/USD is with the breakdown of the support area and closing below the level of 640.