Ethereum ends the trading week near the 3415 area. ETH/USD quotes are trading above the upper limit of the Ichimoku Kinko Hyo Cloud. This indicates a bullish trend for Ethereum. As part of the digital asset exchange rate forecast for the current week, March 4 — 8, 2024. A test of the area of the signal lines of the Ichimoku Kinko Hyo indicator is expected near the level of 3165. Where can we expect an attempt to rebound upward and continued growth of the cryptocurrency with a target at the level of 4235.
Ethereum Forecast March 4 — 8, 2024
An additional signal in favor of cryptocurrency growth will be a test of the support level on the coin’s chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, a signal of medium strength was received for purchases of the Ethereum cryptocurrency. The signal was formed due to the intersection of signal lines at the level of 2375. The nearest resistance area is located at the level of 3875. The support area for ETH/USD is located at the level of 3145.
Cancellation of the option to increase the cost of Ethereum will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with closing quotes below the area of 2305. This will indicate a change in the bullish trend in favor of a bearish trend. Expect an acceleration in the growth of ETH/USD quotes with a breakdown of the resistance area and closing above the level of 3605.
Ethereum Forecast March 4 — 8, 2024 assumes an attempt to develop a correction to the level of 3165. Where can we expect a rebound and continued growth of the cryptocurrency with a target near the level of 4235. A test of the support level on the chart will be in favor of the growth of ETH/USD quotes this week prices. Cancellation of the option to increase the asset quotes will be a fall and a breakdown of the 2305 area. In this case, we should expect a continuation of the decline in Ethereum with a potential target at the level of 1875.
