ETH/USD are traded at 349.90 and continue to move as part of the correction and the formation of the “Triangle” pattern. Cryptocurrency capitalization Ethereum at the time of the publication of the forecast is $39 776 914 360. Moving averages indicate a short-term bearish trend for Ethereum. Prices are testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in 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 310.55 area. Where can we expect a rebound and continued growth of the Ethereum rate with a potential target above the level of 460.55.
Ethereum Forecast and ETH/USD Analysis October 7, 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 breakdown of the lower border of the ”Triangle” model. Cancellation of the growth option for the cryptocurrency will be a fall and a breakdown of the level of 300.05. 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 quotations above the level of 390.55 we should expect confirmation of the development of growth in Ethereum and a breakdown of the upper boundary of the “Triangle” model and the beginning of its development.
Ethereum Forecast and ETH/USD Analysis October 7, 2020 implies an attempt to correct and test the support area near the level of 310.55. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 460.55. 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 300.05 area. This will indicate a continued fall with a potential target below the level of 275.05.
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