Ethereum ETH/USD ends the trading week at 1612 and continues to move within the correction 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 decline and a test of the support level near the 1565 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 2295.
Ethereum Weekly Forecast October 23 — 27, 2023
An additional signal in favor of a fall in ETH/USD quotes in the current trading week of October 23 — 27, 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 1365. This will indicate a breakdown of the resistance area and continued growth of ETH/USD quotes with a potential target above the level of 1035. Confirmation of the growth of the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 1775 , which will indicate a breakdown of the upper boundary of the downward correction channel.
Ethereum Weekly Forecast October 23 — 27, 2023 assumes an attempt to develop a correction and test the support area near the level of 1565. Where can we expect a rebound upward and continued growth of the cryptocurrency to the area above the level of 2295. 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 1365. In this case, we should expect a continuation of the decline with a target below the area of 1035.
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