ETH/USD are trading at 2426 and continue to move within the framework of the decline development and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate the presence of a short-term downward trend in Ether. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the asset’s fall from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the coin’s value and a test of the resistance level near the 2565 area. From where we should again expect a downward rebound in prices and a continuation of the fall in the Ethereum rate with a potential target below the 1865 level.
Ethereum Forecast and Analysis for October 9, 2024
An additional signal in favor of the fall in ETH/USD quotes will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper border of the descending channel. The cancellation of the cryptocurrency fall option will be a strong increase in the Ethereum value and a breakout of the 2885 level. This will indicate a breakout of the resistance area and continued growth of ETH/USD quotes to the level of 3375. With a breakout of the support area and closing of quotes below the 2125 mark, which will indicate a breakout of the lower border of the Head and Shoulders reversal pattern and the beginning of the pattern with targets below.
Ethereum Forecast and Analysis for October 9, 2024 suggests an attempt at correction and a test of the resistance area near the 2565 level. Where should we expect a rebound and continued fall of the ETH/USD cryptocurrency to the area below the 1865 level. An additional signal in favor of a decline in Ethereum will be a test of the trend line on the relative strength indicator. The cancellation of the digital currency fall option will be a breakout of the 2885 area. Which will indicate continued growth of the digital currency with a potential target above the 3375 level.
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