The Ethereum cryptocurrency is trading at 3842 and continues to move within the development of growth and a bullish channel. ETH/USD quotes are moving above the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a bullish trend for Ethereum. As part of the Ethereum price forecast for March 7, 2024. The development of a rise in the digital asset and a test of the signal line area of the Ichimoku Kinko Hyo indicator near the level of 3585 are expected. Where can we expect a rebound upward and an attempt to continue the growth of ETH/USD with a target above the level of 4365.
Ethereum Forecast and Analysis for March 7, 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 lower border of the bullish channel. Previously, a strong signal was received for buying the Ethereum cryptocurrency. The signal was formed due to the intersection of signal lines at the level of 2775. The nearest resistance area for Ethereum is located at the level of 4105. The support area for ETH/USD is located at the level of 3545.
Cancellation of the option to increase the value of the Ethereum cryptocurrency will be a fall and a breakdown of the lower boundary of the Ichimoku indicator Cloud with the price closing below the level of 3125. Such a scenario will indicate a change in the bullish trend in favor of a bearish trend and a continuation of the fall of the cryptocurrency. Expect an acceleration in the growth of ETH/USD quotes with a breakdown of the resistance area and closing of the price above the level of 4205, which will indicate a breakdown of the upper boundary of the bullish channel.
Ethereum Forecast and Analysis for March 7, 2024 suggests an attempt to develop a bearish correction of the cryptocurrency and a test of the level of 3585. Where can we expect continued growth of the Ethereum asset with a potential target near the level of 4365. The cancellation of the rise option will be a fall and a breakdown of the area of 3125. 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 2605.
