Ethereum are trading at 1295 and continue to move within the correction and the downward channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $159,076,105,762. Moving averages indicate the presence of a short-term bearish trend for Ethereum. Prices are again testing the area between the signal lines, 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 bullish correction in the value of the coin and a test of the resistance level near the area of 1385. From where we should again expect a rebound down and a continuation of the fall in the Ethereum rate with a potential target below 885.
Ethereum Forecast and Analysis October 20, 2022
An additional signal in favor of the decline in ETH/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the cryptocurrency decline option will be a strong growth of Ethereum and a breakdown of the level of 1625. This will indicate a breakdown of the resistance area and a continued rise in ETH/USD quotes above the level of 1755. With a breakdown of the support area and closing of quotes below the level of 1105.
Ethereum Forecast and Analysis October 20, 2022 suggests an attempt to correct and test the resistance area near the level of 1385. Where should we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 885. An additional signal in favor of Ethereum decline will be a test of the trend line on the relative strength indicator. Cancellation of the option of falling digital currency will be a breakdown of the area of 1625. Which will indicate the continued growth of the digital currency with a potential target above the level of 1755.
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