Ethereum are trading at 1843 and continue to move as part of the correction and the formation of the Head and Shoulders reversal pattern. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $222,202,493,917. Moving averages indicate the presence of a short-term bullish trend for Ethereum. Prices have broken through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a decrease in the value of the coin and a test of the support level near the 1825 area. From where we should again expect a rebound upwards and continued growth in the Ethereum rate with a potential target above 2010.
Ethereum Forecast for June 9, 2023
An additional signal in favor of the growth of ETH/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the cryptocurrency rise option will be a fall in the value of Ethereum and a breakdown of the level of 1705. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes below the level of 1575. With a breakdown of the resistance area and closing of quotes above the level of 1915, which will indicate a breakdown of the upper and shoulders” and the beginning of working out the pattern with the targets at the top.
Ethereum Forecast for June 9, 2023 suggests an attempt to correct and test the support area near the level of 1825. Where should we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 2010. An additional signal in favor of the rise of Ethereum will be a test of the trend line on the relative strength indicator. Cancellation of the growth option for the digital currency will be a breakdown of the 1705 area, which will indicate the continued fall of the digital currency with a potential target below the level of 1575.