Ethereum ETH/USD is traded at 693. The cryptocurrency is traded below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Ethereum. Ichimoku Kinko Hyo signal line area test near the 800 level is expected, from which we should expect a rebound and an attempt to continue the fall of the cryptocurrency with a target at level 425. An additional signal in favor of the drop of the cryptocurrency will be a test of the resistance level, as well as a test of the upper boundary of the bearish channel.
Ethereum forecast & analysis ETH/USD on February 7, 2018
Earlier, we received a weak signal for sell of the Ethereum cryptocurrency, due to the crossing of signal lines at level 1100. Cancellation of the Ethereum fall variant will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the area of 950, which indicates a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in quotes ETH/USD is with the breakdown of the lower boundary of the channel and closing below the level of 500.