To make a forecast of the Ethereum exchange rate for August, we first need to understand what is the phase of the market. Open the daily chart ETH/USD.
I put a trend line on the chart. You can see that since the beginning of may the trend has been downward. According to the classics, each subsequent wave was located below the previous one. But in early July, the Ethereum exchange rate broke the trend line. The price then returned, broke on this line from the back side, shook, and went up. And, please note, the level of support has not been updated.
By the way, according to the trading system based on the trend reversal, the best point to enter is the moment when the price returns back and tries to update the support level. At this point, you need to open positions against the movement, as if the last day you live.
The Ethereum exchange rate is right now under the Ichimoku Kinko Hyo cloud. That tells us about the downward trend in ETH/USD. However, you should pay attention to the signal lines of the indicator. The red fast signal line crossed the blue slow from below upwards. It’s a signal up for shopping.
The level of support for the Ethereum exchange rate will be 420. If this level is not broken down, the upward movement on Ethereum will continue. That is, the trend will change from downward to upward.
The resistance level for ETH/USD is the upper limit of the Ichimoku cloud, 570.
Thus, the ETH/USD forecast of the Ethereum exchange rate for August 2018 suggests a short-term rollback to the signal lines of the Ichimoku indicator, a rebound from them, and an increase in the Ethereum rate with a target in the area of 570.