The Ethereum cryptocurrency is trading at the level of 1634 and continues to move within the correction and the bearish channel. ETH/USD quotes are moving below the lower border of the Cloud indicator Ichimoku Kinko Hyo. This indicates a bearish trend for Ethereum. As part of the Ethereum exchange rate forecast for September 7, 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 1655 is expected.
Ethereum Forecast and Analysis for September 7, 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 lower border of the bullish 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 1685. The nearest resistance area for Ethereum is at the level of 1715. The ETH/USD support area is at the level of 1505.
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 1725. Such a scenario will indicate a change in the bearish trend in favor of the bullish trend and continued growth 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 1585.
Ethereum Forecast and Analysis for September 7, 2023 suggests an attempt to develop a cryptocurrency correction and a test of the level of 1655. Where should we expect the Ethereum asset to continue falling with a potential target near the level of 1485. Cancellation of the decline option will be a strong growth and a breakdown of the 1725 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 1865.
