Ethereum are trading at 1579 and continue to move as part of the correction and the downward channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $193,345,414,531. Moving averages indicate the presence of a short-term bullish trend for Ethereum. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and a potential continued growth in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a rise in the value of the coin and a test of the resistance level near the 1620 area. From where we should again expect a rebound down and a continuation of the fall in the Ethereum rate with a potential target below 975.
Ethereum Forecast November 9, 2022
An additional signal in favor of the decline in ETH/USD quotes will be a test of the resistance line on the bullish channel. Cancellation of the option to reduce the cryptocurrency will be a strong rise in Ethereum and a breakdown of the level of 1845. This will indicate a breakdown of the resistance area and a continued rise in ETH/USD quotes above the level of 2305. With a breakdown of the support area and closing of quotes below the level of 1405, which will indicate a breakdown of the lower limit of the bullish correction channel .
Ethereum Forecast November 9, 2022 suggests an attempt to correct and test the resistance area near the level of 1620. Where should we expect a rebound and a continuation of the fall of the ETH/USD cryptocurrency to the area below the level of 975. An additional signal in favor of the Ethereum decline will be a test of the trend line on the relative strength indicator. Cancellation of the option of falling digital currency will be a breakdown of the area of 1845. Which will indicate the continued growth of the digital currency with a potential target above the level of 2305.
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