Ethereum ETH/USD completes the trading week at 378.27 and continues to move within the growth and upward channel. Moving averages indicate a bullish trend for ETH/USD. Prices went up from the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a slight downward correction and a test of the support level near the 340.05 area. Where can we expect a rebound again and continued growth in the rate and value of Ethereum with a potential target above the level of 505.65.
Ethereum Forecast and Analysis October November 2 — 6, 2020
An additional signal in favor of raising the ETH/USD quotes in the current trading week on November 2 — 6, 2020 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option for the growth of the value of the cryptocurrency in the current trading week will be a fall and a breakdown of the level of 305.05. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 245.05. Confirmation of the growth of the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotations above the level of 445.05.
Ethereum Forecast and Analysis October November 2 — 6, 2020 implies an attempt to test the support area near 335.65. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 510.05. An additional signal in favor of a rise in the Ethereum rate will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 305.05 area. In this case, we should expect a continuation of the decline with a target below the area of 245.05.
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