The Ethereum cryptocurrency is trading at the level of 1644 and continues to move as part of the correction and the formation of the “Triangle” model. 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 24, 2023. A correction of the digital asset is expected to develop and a test of the area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 1670. Where should we expect a rebound down and an attempt to continue the fall of ETH/USD with a target below the level of 1445.
Ethereum Forecast and Analysis for August 24, 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 “Triangle” model. 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 1665. The nearest resistance area for Ethereum is at the level of 1725. The ETH/USD support area is at the level of 1560.
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 1745. Such a scenario will indicate a change in the bearish trend in favor of a bullish trend and the continued fall 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 1545, which will indicate a breakdown of the lower border of the Triangle model and the beginning of the pattern with targets at the bottom.
Ethereum Forecast and Analysis for August 24, 2023 suggests an attempt to develop a cryptocurrency correction and a test of the level of 1670. Where should we expect the Ethereum asset to continue to fall with a potential target near the level of 1445. Cancellation of the decline option will be a strong growth and a breakdown of the area of 1745. 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 1965.
