The ETH/USD quotes are trading at 1799 and continue to move as part of the development of growth and a bullish channel. The capitalization of the Ethereum cryptocurrency at the time of publication of the forecast is $217,706,530,025. Moving averages indicate a short-term bearish trend for Ether. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of growth in the value of the asset from current levels. At the moment, we can expect an attempt to develop a correction in the value of the coin and a test of the support level near the 1735 area. From where we can again expect a rebound in prices and continued growth in the Ethereum rate with a potential target above the 2005 level.
Ethereum Forecast for November 1, 2023
An additional signal in favor of growth in 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. Cancellation of the cryptocurrency growth option will be a fall in the value of Ethereum and a breakdown of the level of 1645. This will indicate a breakdown of the support area and a continued fall of ETH/USD quotes below the level of 1285. With a breakdown of the resistance area and closing of quotes above the level of 1905.
Ethereum Forecast for November 1, 2023 assumes an attempt at correction and a test of the support area near the level of 1735. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 2005. An additional signal in favor of the rise of Ethereum will be a test of the trend line on the relative strength indicator. Cancellation of the growth option for the digital currency will be a breakdown of the 1645 area. This will indicate a continued fall of the digital currency with a potential target below the level of 1285.
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