The Ethereum cryptocurrency is trading at the level of 1576 and continues to move within the correction and the downward channel. ETH/USD quotes are moving below the lower border of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend for Ethereum. As part of the Ethereum exchange rate forecast for August 31, 2022. A correction of the digital asset is expected to develop and a test of the upper boundary of the Ichimoku Kinko Hyo Cloud near the level of 1585. Where should we expect a rebound and an attempt to continue the fall of ETH/USD with a target below the level of 1185.
Ethereum Forecast and Analysis August 31, 2022
An additional signal in favor of the fall of the cryptocurrency will be a test of the resistance level on the price chart. The second signal will be a rebound from the upper border of the descending channel. Earlier, a strong signal was received for the sale of the Ethereum cryptocurrency. The signal was formed due to the crossing of the signal lines at the level of 1555. The nearest resistance area for Ethereum is at the level of 1665. The ETH/USD support area is at the level of 1255.
Cancellation of the option of falling in the value of the Ethereum cryptocurrency will be a strong growth and a breakdown of the upper border of the Ichimoku indicator Cloud with the price closing above the level of 1765. Such a scenario will indicate a change in the downward trend in favor of a bullish trend and continued growth of the cryptocurrency. Expect an acceleration in the fall of ETH/USD quotes with a breakdown of the support area and closing of the price below the level of 1305, which will indicate a breakdown of the lower border of the downward channel.
Ethereum Forecast and Analysis August 31, 2022 suggests an attempt to develop a cryptocurrency correction and test the level of 1585. Where should we expect the Ethereum asset to continue falling with a potential target near the level of 1185. Cancellation of the decline option will be a strong growth and a breakdown of the area of 1765. This will indicate a continued rise in the rate of the digital currency ETH against the US Dollar with a potential target above the level of 2125.
