Ethereum ETH/USD ends the trading week at 1794 and continues to move within the growth and bullish channel. Moving averages indicate a bearish trend in ETH/USD. Prices have broken through the area between the signal lines upward, which indicates pressure from cryptocurrency buyers and potential continued growth from current levels. At the moment, we can expect an attempt to develop a price decline and a test of the support level near the 1590 area. From where we can again expect a rebound upward and continued growth in the rate and value of Ethereum with a potential target above the level of 2505.
Ethereum Forecast November 6 — 10, 2023
An additional signal in favor of a fall in ETH/USD quotes in the current trading week of November 6 — 10, 2023 will be a test of the resistance line on the relative strength index. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to increase the value of the cryptocurrency in the current trading week will be a fall and a breakdown of the level of 1265. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes with a potential target above the level of 875. Confirmation of the growth of the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 1935 , which will indicate a breakdown of the upper boundary of the downward correction channel.
Ethereum Forecast November 6 — 10, 2023 assumes an attempt to develop a correction and test the support area near the level of 1590. Where can we expect a rebound upward and continued growth of the cryptocurrency to the area above the level of 2505. An additional signal in favor of an increase in the Ethereum rate will be a test of the trend line on the relative strength indicator. Cancellation of the growth option will be a fall and a breakdown of the area of 1265. In this case, we should expect a continuation of the decline with a target below the area of 875.
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