ETH/USD are trading at 2384 and continue to move within the framework of the development of the correction and the formation of the reversal model “Head and Shoulders”. Moving averages indicate the presence of a short-term downward trend in Ethereum. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the asset’s value decline from current levels. At the moment, we should expect an attempt to develop a bullish correction in the coin’s value and a test of the resistance level near the 2435 area. From where we should again expect a downward price rebound and a continuation of the Ethereum rate decline with a potential target below the 1975 level.
Ethereum Forecast and Analysis for October 11, 2024
An additional signal in favor of a fall 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 descending channel. The cancellation of the cryptocurrency fall option will be a strong increase in the Ethereum value and a breakout of the 2735 level. This will indicate a breakout of the resistance area and continued growth of ETH/USD quotes to the level of 3265. With a breakout of the support area and closing of quotes below the 2135 mark, which will indicate a breakout of the lower border of the Head and Shoulders reversal pattern and the beginning of the pattern with targets below.
Ethereum Forecast and Analysis for October 11, 2024 suggests an attempt at correction and a test of the resistance area near the 2435 level. Where should we expect a rebound and continued fall of the ETH/USD cryptocurrency to the area below the 1975 level. An additional signal in favor of a decline in Ethereum will be a test of the trend line on the relative strength indicator. The cancellation of the digital currency fall option will be a breakout of the 2735 area. Which will indicate continued growth of the digital currency with a potential target above the 3265 level.
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