ETH/USD are trading at 175.56 and continue to move as part of the correction and the formation of the «Head and Shoulders» reversal pattern. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $19 190 674 397. Moving averages indicate the presence of a short-term downward trend in Ethereum. At the moment, we should expect an attempt to increase the value of the digital asset and test the resistance level near the area of 185.05. Where again we should expect a rebound and the continuation of the Ethereum rate drop with a potential target below the level of 145.05.
Ethereum Forecast and ETH/USD Analysis October 22, 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 the completion of the formation of the reversal model. Cancellation of the option of falling cryptocurrency will be a strong growth and the breakdown of the level of 205.05. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes above the level of 245.05. With the breakdown of the support area and closing of quotes below the level of 158.05, we should expect acceleration of the development of the downward trend in Ethereum.
Ethereum Forecast and ETH/USD Analysis October 22, 2019 implies an attempt to correct and test the resistance area near the level of 185.05. Where can we expect a rebound and the continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 145.05. An additional signal in favor of Ethereum fall will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling digital currency will be a breakdown of the area of 205.05. Which will indicate the continuation of the rise with a potential target above the level of 245.05.