Cryptocurrency Ethereum (ETH/USD) is trading at 1905. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish 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 May 31, 2023
As part of the Ethereum rate forecast, a test of the level of 1865 is expected. Where should we expect an attempt to continue the growth of ETH/USD and further development of the upward trend. The target of this movement is the area near the level of 1980. The conservative area for buying Ethereum is located near the lower border of the Bollinger Bands indicator bands at the level of 1800.
Cancellation of the option to continue the growth of the Ethereum rate will be a breakdown of the area of the lower 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 below the 1780 area. This will indicate a change in the current trend in favor of a bearish for ETH/USD. In the event of a breakdown of the upper 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 May 31, 2023 implies a test level of 1865. Further growth is expected to continue to the area above the level of 1980. The conservative buy zone is near the area of 1800. The breakdown of the level of 1780 will be the cancellation of the cryptocurrency growth option. In this case, we should expect continuation fall.