The ETH/USD quotes are trading at 1793 and continue to move as part of the development of the correction and bullish channel. The capitalization of the Ethereum cryptocurrency at the time of publication of the forecast is $218,165,452,186. 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 1765 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 2065.
Ethereum Forecast for October 31, 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 1325. With a breakdown of the resistance area and closing of quotes above the level of 1905.
Ethereum Forecast for October 31, 2023 assumes an attempt at correction and a test of the support area near the level of 1765. Where can we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the level of 2065. 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 1325.
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