ETH/USD are trading at 2624 and continue to move as part of the development of the correction and the formation of the “Triangle” model. Moving averages indicate a short-term upward trend in Ether. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and potential continued growth in the asset’s value from current levels. At the moment, we should expect an attempt to develop growth in the coin’s value and a test of the resistance level near the 2655 area. From where we should again expect a downward price rebound and a continued fall in the Ethereum rate with a potential target below the 2365 level.
Ethereum Forecast and Analysis for November 1, 2024
An additional signal in favor of a decrease in ETH/USD quotes will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper border of the “Triangle” pattern. The cancellation of the cryptocurrency fall option will be a strong increase in the value of Ethereum and a breakout of the 2845 level. This will indicate a breakout of the resistance area and continued growth in ETH/USD quotes to the 3065 level. With a breakout of the support area and closing of quotes below the 2375 mark, which will indicate a breakout of the lower border of the “Triangle” pattern.
Ethereum Forecast and Analysis for November 1, 2024 suggests an attempt at correction and a test of the resistance area near the level of 2655. Where should we expect a rebound and continued fall of the ETH/USD cryptocurrency to the area below the level of 2365. An additional signal in favor of the decline of Ethereum will be a test of the trend line on the relative strength indicator. The cancellation of the option of the fall of the digital currency will be a breakout of the 2845 area. Which will indicate a continuation of the rise of the digital currency with a potential target above the level of 3065.
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