The Ethereum cryptocurrency is trading at 3578 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 bearish trend for Ethereum. As part of the Ethereum price forecast for March 20, 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 3705 are expected. Where can we expect a rebound downwards and an attempt to continue the fall of ETH/USD with a target below the level of 3075.
Ethereum Forecast and Analysis for March 20, 2024
An additional signal in favor of cryptocurrency growth 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 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 3975. The nearest resistance area for Ethereum is located at the level of 3865. The support area for ETH/USD is located at the level of 3445.
Cancellation of the option for the fall in the value of the Ethereum cryptocurrency will be a strong growth and a breakdown of the upper limit of the Ichimoku indicator Cloud with the price closing above the level of 4045. 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 3405.
Ethereum Forecast and Analysis for March 20, 2024 suggests an attempt to develop a bullish correction of the cryptocurrency and a test of the level of 3705. Where can we expect the Ethereum asset to continue to fall with a potential target near the level of 3075. The cancellation of the decline option will be a strong growth and a breakdown of the 4045 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 4505.
