The Ethereum cryptocurrency is trading at the level of 1661 and continues to move within the correction and left the redistribution of the downward channel. ETH/USD quotes are moving above the upper border of the Ichimoku Kinko Hyo Cloud. This indicates a bullish trend for Ethereum. As part of the Ethereum exchange rate forecast for September 8, 2022. The development of a correction of the digital asset and a test of the upper boundary of the Ichimoku Kinko Hyo Cloud near the level of 1585 is expected. Where should we expect a rebound and an attempt to continue the growth of ETH/USD with a target above the level of 1975.
Ethereum Forecast and Analysis September 8, 2022
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 descending channel. 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 1555. The nearest resistance area for Ethereum is at the level of 1725. The ETH/USD support area is at the level of 155.
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 1465. 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 resistance area and closing the price above the level of 1765.
Ethereum Forecast and Analysis September 8, 2022 suggests an attempt to develop a correction of the cryptocurrency and a test of the level of 1585. Where should we expect the continued growth of the Ethereum asset with a potential target near the level of 1975. to continue the depreciation of the digital currency ETH against the US Dollar with a potential target below the level of 1065.