ETH/USD are trading at 181.55 and continue to move as part of the correction. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $19 618 282 962. Moving averages indicate the presence of a short-term bullish trend for Ethereum, however, pressure from sellers is growing. At the moment, we should expect an attempt to reduce the value of the digital asset and test the support level near the area of 177.05. Where again we should expect a rebound and continued growth of the Ethereum rate with a potential target above the level of 215.05.
Ethereum Forecast and ETH/USD Analysis October 16, 2019
An additional signal in favor of the growth of ETH/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the level of 170.05. This will indicate a breakdown of the support area and a continuation of the fall of ETH/USD quotes below 155.05. With the breakdown of the resistance area and the closing of quotations above the level of 190.05, we can expect acceleration of the development of the bullish trend in Ethereum.
Ethereum Forecast and ETH/USD Analysis October 16, 2019 implies an attempt to correct and test the support area near the level of 177.05. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to an area above the level of 215.05. An additional signal in favor of the rise in Ethereum will be a test of the trend line on the relative strength index (RSI). The cancellation of the digital currency growth option will be the breakdown of the area of 170.05. Which will indicate a continuation of the fall with a potential target below the level of 155.05.
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