The Ethereum cryptocurrency is trading at the level of 1715 and continues to move as part of the correction and the start of the Triangle pattern. ETH/USD quotes are moving above the upper border of the Cloud indicator Ichimoku Kinko Hyo. This indicates a bullish trend for Ethereum. As part of the Ethereum exchange rate forecast for August 31, 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 1675. Where should we expect a rebound upwards and an attempt to continue the growth of ETH/USD with a target above the level of 1885.
Ethereum Forecast and Analysis for August 31, 2023
An additional signal in favor of the rise of the cryptocurrency will be a test of the support 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 buying the Ethereum cryptocurrency. The signal was formed due to the crossing of the signal lines at the level of 1645. The nearest resistance area for Ethereum is at the level of 1770. The ETH/USD support area is at the level of 1645.
Cancellation of the option of growth in the value of the Ethereum cryptocurrency will be a fall and a breakdown of the lower border of the Ichimoku indicator Cloud with the price closing below the level of 1585. Such a scenario will indicate a change in the bullish trend in favor of a bearish trend and the continued fall of the cryptocurrency. Expect an acceleration in the growth of ETH/USD quotes with a breakdown of the support area and closing the price above the level of 1770.
Ethereum Forecast and Analysis for August 31, 2023 suggests an attempt to develop a correction of the cryptocurrency and a test of the level of 1675. Where should we expect the continued growth of the Ethereum asset with a potential target near the level of 1885. to continue the fall of the digital currency ETH against the US Dollar with a potential target below the level of 1405.
