Ethereum ETH/USD ends the trading week at 2511 and continues to move within the growth and formation of the “Triangle” model. Moving averages indicate a bearish trend for ETH/USD. Prices have broken through the area between the signal lines upwards, which indicates pressure from cryptocurrency buyers and potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a price decline and a test of the support level near the 2575 area. From where we should again expect an upward rebound and continued growth of the rate and cost of Ethereum with a potential target above the level of 3715.
Ethereum Forecast and Analysis November 11 — 15, 2024
An additional signal in favor of the growth of ETH/USD quotes in the current trading week of November 11 — 15, 2024 will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the upper border of the “Triangle” model. The cancellation of the option of increasing the value of the cryptocurrency in the current trading week will be a fall and a breakout of the 2035 level. This will indicate a breakout of the support area and a continuation of the fall in ETH/USD quotes with a potential target below the 1675 level. The growth of the Ethereum cryptocurrency will be confirmed by a breakout of the resistance area and closing of quotes above the 3065 level, which will indicate a breakout of the upper border of the descending channel.
Ethereum Forecast and Analysis November 11 — 15, 2024 suggests an attempt to develop a bearish correction and test the support area near the 2575 level. From where we should expect an upward rebound and continued growth of the cryptocurrency to the area above the 3715 level. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line on the relative strength indicator. The growth option will be cancelled by a fall and a breakout of the 2035 area. In this case, we should expect a continuation of the fall with a target below the 1675 area.
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