Ethereum ETH/USD ends the trading week at 2385 and continues to move within the framework of the decline and the formation of the reversal model “Head and Shoulders”. Moving averages indicate the presence of a bearish trend for ETH / USD. Prices have broken through the area between the signal lines downwards, which indicates pressure from cryptocurrency sellers and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a price decline and a test of the support level near the 2305 area. From where we should again expect an upward rebound and continued growth in the rate and cost of Ethereum with a potential target above the level of 3385.
Ethereum Forecast and Analysis October 7 — 11, 2024
An additional signal in favor of an increase in ETH / USD quotes in the current trading week of October 7 – 11, 2024 will be a test of the broken support line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the growth option for the cryptocurrency during the current trading week will be a fall and a breakout of the 1925 level. This will indicate a breakout of the support area and a continuation of the fall in ETH/USD quotes with a potential target below the 1635 level. The growth of the Ethereum cryptocurrency will be confirmed by a breakout of the resistance area and closing of quotes above the 3065 level, which will indicate a breakout of the upper boundary of the descending channel.
Ethereum Forecast and Analysis October 7 — 11, 2024 suggests an attempt to develop a bearish correction and test the support area near the 2305 level. From where we should expect an upward rebound and continued growth of the cryptocurrency to the area above the 3385 level. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line on the relative strength indicator. The growth option will be cancelled by a fall and a breakout of the 1925 area. In this case, we should expect a continuation of the decline with a target below the 1635 area.
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