Ethereum ETH/USD ends the trading week at 363.82 and continues to move within the correction and the upward channel. Here, the “Diamond” model is formed, in case of a breakdown of the pattern upward, one should expect a strong growth in the value of the asset.
The cryptocurrency rate can also be supported by the fact that Uniswap launched its own UNI token. At this point, there was a strong increase in the network hash rate to the level of 2018, and Ethereum miners received a maximum commission of almost one million dollars per hour.
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 355.65 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 545.05.
Ethereum Forecast and Analysis September 21 — 25, 2020
An additional signal in favor of raising the ETH/USD quotes in the current trading week on September 21 — 25, 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 growth option for the cryptocurrency value in the current trading week will be a fall and a breakdown of the level of 260.05. 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 205.05. Confirmation of the growth of the Ethereum cryptocurrency will be the breakdown of the resistance area and closing of quotations above the level of 475.05.
Ethereum Forecast and Analysis September 21 — 25, 2020 implies an attempt to test the support area near the level of 355.65. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 545.05. 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 260.05 area. In this case, we should expect a continuation of the decline with a target below the area of 205.05.
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