Cryptocurrency Ethereum (ETH/USD) is trading at 1571. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.
Ethereum (ETH/USD) forecast and analysis on February 1, 2023
As part of the Ethereum rate forecast, a test of the level of 1590 is expected. Where should we expect an attempt to continue the fall of ETH/USD and further development of the downward trend. The target of this movement is the area near the level of 1500. The conservative area for selling Ethereum is located near the upper border of the Bollinger Bands indicator bands at the level of 1645.
Cancellation of the option to continue the depreciation of Ethereum will be a breakdown of the area of the upper border of the Bollinger Bands indicator bands. As well as a moving average with a period of 55 and closing of the pair’s quotes above the 1670 area. This will indicate a change in the current trend in favor of the bullish for ETH/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of the cryptocurrency.
Ethereum (ETH/USD) forecast and analysis on February 1, 2023 implies a test level of 1590. Further, it is expected to continue falling to the area below the level of 1500. The conservative sales area is located near the area of 1645. The breakdown of the level of 1670 will cancel the option of falling cryptocurrency. In this case, we should expect continued growth.
