Ethereum are trading at 415.54 and continue to move within the framework of a strong growth and a downward channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $ 45,931,182,437. Moving averages indicate a short-term bearish trend for Ethereum. Prices broke through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of the growth of the asset value from the current levels. At the moment, we should expect an attempt at a bearish correction in the value of the coin and a test of the support level near the 395.65 area. Where can we expect a rebound and continued growth of the Ethereum rate with a potential target above the level of 455.05.
Ethereum Forecast and ETH/USD Analysis November 6, 2020
An additional signal in favor of the growth of ETH/USD quotes will be a test of the trend 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 option for the growth of cryptocurrency will be a fall and a breakdown of the level of 369.05. This will indicate a breakdown of the support area and the continuation of the fall in ETH/USD quotes below the level of 325.05. With the breakdown of the resistance area and closing of quotations above the level of 430.65, we should expect confirmation of the development of growth in Ethereum.
Ethereum Forecast and ETH/USD Analysis November 6, 2020 implies an attempt to correct and test the support area near the level of 395.65. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 455.05. An additional signal in favor of the rise of Ethereum will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the digital currency will be a breakdown of the 369.05 area. This will indicate a continued fall with a potential target below the level of 325.05.
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