The Ethereum cryptocurrency is trading at the level of 1825 and continues to move within the correction and the bearish channel. ETH/USD quotes are moving below the lower border of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a bearish trend for Ethereum. As part of the Ethereum exchange rate forecast for August 17, 2023. A correction of the digital asset is expected to develop and a test of the lower border of the Ichimoku Kinko Hyo indicator cloud near the level of 1835 is expected.
Ethereum Forecast and Analysis for August 17, 2023
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 bearish channel. Earlier, a weak 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 1855. The nearest area of resistance for Ethereum is at the level of 1855. The support area for ETH/USD is at the level of 1805.
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 1865. Such a scenario will indicate a change in the bearish trend in favor of a bullish trend and the continued fall of the cryptocurrency. It is worth expecting an acceleration in the fall of ETH/USD quotes with a breakdown of the support area and closing the price below the level of 1795.
Ethereum Forecast and Analysis for August 17, 2023 suggests an attempt to develop a cryptocurrency correction and test the level of 1835. Where should we expect the Ethereum asset to continue to fall with a potential target near the level of 1765. Cancellation of the decline option will be a strong growth and a breakdown of the 1865 area. 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 2035.
