The Ethereum cryptocurrency is trading at 3063 and continues to move as part of the development of the fall and the bearish channel. ETH/USD quotes are moving below the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a downward trend for Ethereum. As part of the Ethereum price forecast for April 17, 2024. The development of a rise in the digital asset and a test of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 3085 are expected. Where can we expect a rebound downward and an attempt to continue the fall of ETH/USD with a target below the level of 2385.
Ethereum Forecast and Analysis for April 18, 2024
An additional signal in favor of a decline in 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 bearish channel. Previously, a weak signal was received for sales of the Ethereum cryptocurrency. The signal was formed due to the intersection of signal lines at the level of 3535. The nearest resistance area for Ethereum is located at the level of 3235. The support area for ETH/USD is located at the level of 2770.
Cancellation of the option for the fall in the value of the Ethereum cryptocurrency will be a strong growth and a breakdown of the lower boundary of the Ichimoku indicator Cloud with the price closing below the level of 3405. This scenario will indicate a change in the bearish 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 2705.
Ethereum Forecast and Analysis for April 18, 2024 suggests an attempt to develop a bearish correction of the cryptocurrency and a test of the level of 3085. Where can we expect continued growth of the Ethereum asset with a potential target near the level of 2385. The cancellation of the rise option will be a fall and a breakdown of the area of 3405. This is will indicate a continued decline in the exchange rate of the digital currency ETH against the US Dollar with a potential target below the level of 3945.
