Ethereum are trading at 3387 and continue to move as part of the correction and the downward channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $399,003,039,621. Moving averages indicate a short-term sideways trend in Ethereum. Prices have broken through the areas between the signal lines upward, which indicates pressure from buyers and a potential continuation of the rise in the value of the asset already from the current levels. At the moment, we should expect an attempt to develop a correction in the value of the coin and a test of the resistance level near the area of 2965. Where can we again expect a rebound and a continuation of the rise in the Ethereum rate with a potential target above 4405.
Ethereum Forecast and ETH/USD Analysis October 6, 2021
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 border of the bullish channel, as well as the “Head and Shoulders” reversal pattern. Cancellation of the option to raise the cryptocurrency will be a fall and a breakdown of the level of 2505. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes below the level of 2045. With the breakdown of the resistance area and closing of quotations above the level of 3705, we should expect confirmation of the development of a bullish movement in Ethereum.
Ethereum Forecast and ETH/USD Analysis October 6, 2021 suggests an attempt to correct and test the support area near the level of 2965. Where can we expect a rebound and the continuation of the rise in the ETH/USD cryptocurrency to the area above the level of 4405. An additional signal in favor of the rise of Ethereum will be a test of the line trend on the relative strength index (RSI). Cancellation of the growth option for the digital currency will be a breakdown of the 2505 area. This will indicate a continued fall in the digital currency with a potential target below the level of 2045.
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