Ethereum ETH/USD ends the trading week at 1544 and continues to move within the fall and bullish channel. Moving averages indicate a bearish trend in ETH/USD. Prices have broken through the area between the signal lines downwards, which indicates pressure from cryptocurrency sellers and a potential continuation of the fall from current levels. At the moment, we can expect an attempt to develop a price rise and a test of the resistance level near the 1725 area. From where we can again expect a downward rebound and a continuation of the fall in the rate and value of Ethereum with a potential target below the level of 1035.
Ethereum Weekly Forecast October 16 — 20, 2023
An additional signal in favor of a fall in ETH/USD quotes in the current trading week of October 16 — 20, 2023 will be a test of the resistance line on the relative strength index. The second signal will be a rebound from the upper border of the downward channel. Cancellation of the option of a fall in the value of the cryptocurrency in the current trading week will be a strong growth and a breakdown of the level of 2045. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes with a potential target above the level of 2325. Confirmation of the fall of the Ethereum cryptocurrency will be a breakdown of the support area and closing of quotes below the level 1365, which will indicate a breakdown of the lower side of the bullish channel.
Ethereum Weekly Forecast October 16 — 20, 2023 assumes an attempt to develop a correction and test the resistance area near the level of 1725. Where can we expect a rebound downwards and a continuation of the fall of the cryptocurrency to the area below the level of 1035. An additional signal in favor of a decline in the Ethereum rate 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 2045 area. In this case, we should expect continued growth with a target above the 2325 area.
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