ETH/USD are trading at 2632 and continue to move as part of the development of the correction and the beginning of the development of the “Head and Shoulders” reversal pattern. Moving averages indicate a short-term bullish trend for Ethereum. 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 a bearish correction in the coin’s value and a test of the support level near the 2515 area. From where we should again expect an upward price rebound and continued growth in the Ethereum rate with a potential target above the 3245 level.
Ethereum Forecast and Analysis for October 23, 2024
An additional signal in favor of an increase in ETH/USD quotes will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the cryptocurrency growth option will be a fall in the value of Ethereum and a breakout of the 2425 level. This will indicate a breakout of the support area and a continuation of the fall in ETH/USD quotes to the 2225 level. With a breakout of the resistance area and closing of quotes above the 2865 mark.
Ethereum Forecast and Analysis for October 23, 2024 suggests an attempt at correction and a test of the support area near the 2515 level. Where should we expect a rebound and continued growth of the ETH/USD cryptocurrency to the area above the 3245 level. An additional signal in favor of the rise of Ethereum will be a test of the trend line on the relative strength indicator. The cancellation of the growth option of the digital currency will be a breakout of the 2425 area. Which will indicate a continuation of the decline in the digital currency with a potential target below the 2225 level.
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