The ETH/USD quotes are trading at the level of 2034 and continue to move as part of the development of the correction and bullish channel. Moving averages indicate a short-term bullish 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 bearish correction in the value of the coin and a test of the support level near the 1965 area. From where we can again expect a rebound in prices and continued growth in the Ethereum rate with a potential target above the level of 2345.
Ethereum Forecast for November 16, 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 1875. This will indicate a breakdown of the support area and a continued fall of ETH/USD quotes below the level of 1605. With a breakdown of the resistance area and closing of quotes above the level of 2105.
Ethereum Forecast for November 16, 2023 assumes an attempt at correction and a test of the support area near the level of 1965. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 2345. 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 1875 area. This will indicate a continued fall of the digital currency with a potential target below the level of 1605.
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