Ethereum completes the trading week near the 1643 area. ETH/USD quotes are trading below the lower border of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend for Ethereum. As part of the forecast for the digital asset price for the current week September 4 — 8, 2023. A test of the area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 1695 is expected. Where should we expect an attempt to rebound down and continue the fall of the cryptocurrency with the target at the level of 1315.
Ethereum Forecast September 4 — 8, 2023
An additional signal in favor of the fall of the cryptocurrency will be a test of the resistance level on the coin chart. The second signal will be a rebound from the upper border of the bearish 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 1935. The nearest area of resistance is at the level of 1790. The area of support for ETH/USD is at the level of 1505.
Cancellation of the option to fall in the value of Ethereum will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the 1995 area. This will indicate a change in the bearish trend in favor of the bullish trend. Expect an acceleration in the fall of ETH/USD quotes with a breakdown of the support area and closing below the level of 1475, which will indicate a breakdown of the lower border of the descending channel, and this is a signal to fall on the channel width.
Ethereum Forecast September 4 — 8, 2023 suggests an attempt to develop a correction to the level of 1695. Where should we expect a rebound and a continuation of the fall of the cryptocurrency with a target near the level of 1315. In favor of reducing the ETH/USD quotes this week, a test of the resistance level on the chart will come out prices. Cancellation of the option of falling asset quotes will be a strong growth and a breakdown of the 1995 area. In this case, we should expect Ethereum to continue to rise with a potential target at the level of 2465.
