Cryptocurrency Ethereum (ETH/USD) is trading at 1550. 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 upper border of the Bollinger Bands indicator bands.
Ethereum (ETH/USD) forecast and analysis on February 16, 2023
As part of the Ethereum rate forecast, a test of the level of 1570 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 1440. The conservative area for selling Ethereum is located near the upper border of the Bollinger Bands indicator bands at the level of 1575.
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 the closing of the pair’s quotes above the 1600 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 16, 2023 implies a test level of 1570. Further, the fall is expected to continue below the level of 1440. The conservative sales zone is near the area of 1575. The breakdown of the level of 1600 will cancel the option of falling cryptocurrency. In this case, we should expect continued growth.
