Ethereum are trading at 371.97 and continue to move as part of the growth and the beginning of the development of the “Triangle” model. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $42,428,351,662. Moving averages indicate a short-term bullish trend for Ethereum. Prices broke through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of the asset’s price growth 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 350.55 area. Where can we expect a rebound and continued growth in the Ethereum rate with a potential target above the level of 450.05.
Ethereum Forecast and ETH/USD Analysis October 16, 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 ”Triangle” model. Cancellation of the growth option of the cryptocurrency will be a fall and a breakdown of the level of 315.05. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes below the level of 275.05. With a breakdown of the resistance area and closing of quotes above the level 405.05 we should expect confirmation of the development of growth in Ethereum.
Ethereum Forecast and ETH/USD Analysis October 16, 2020 implies an attempt to correct and test the support area near the level of 350.55. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 450.05. 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 digital currency growth option will be a breakdown of the 315.05 area. This will indicate a continued fall with a potential target below the level of 275.05.
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