Ethereum ETH/USD ends the trading week at 1660 and continues to move within a bullish correction and a downward channel. The moving averages indicate a bearish trend for ETH/USD. Prices are again testing the area between the signal lines, which indicates pressure from cryptocurrency sellers and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a price correction and a test of the resistance level near the 1835 area. From where we should again expect a rebound down and a continued fall in the exchange rate and the cost of Ethereum with a potential target below the level of 705.
Ethereum Weekly Forecast November 7 — 11, 2022
An additional signal in favor of falling ETH/USD quotes in the current trading week November 7 — 11, 2022 will be a trend resistance test on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling cryptocurrency prices in the current trading week will be a strong growth and a breakdown of the level of 2505. This will indicate a breakdown of the resistance area and a continued rise in ETH/USD quotes with a potential target above the level of 3155. Confirmation of the fall of the Ethereum cryptocurrency will be a breakdown of the support area and closing of quotes below the level 1045.
Ethereum Weekly Forecast November 7 — 11, 2022 suggests an attempt to develop growth and test the resistance area near the level of 1835. Where should we expect a rebound down and the cryptocurrency will continue to fall to the area below the level of 705. An additional signal in favor of Ethereum depreciation will be a test of the trend line on the relative strength indicator. Cancellation of the fall option will be a strong growth and a breakdown of the area of 2505. In this case, we should expect continued growth with a target above the area of 3155.
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