Ethereum ETH/USD ends the trading week at 2511 and continues to move within the framework of the decline and the formation of the “Triangle” model. Moving averages indicate the presence of a bearish trend for 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 the current levels. At the moment, we should expect an attempt to develop price growth and a test of the resistance level near the 2575 area. From where we should again expect a rebound downwards and a continuation of the fall in the rate and cost of Ethereum with a potential target below the level of 1635.
Ethereum Forecast and Analysis November 4 — 8, 2024
An additional signal in favor of a decrease in ETH/USD quotes in the current trading week of November 4 — 8, 2024 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” model. The cancellation of the option of a decrease in the value of the cryptocurrency in the current trading week will be a strong growth and a breakout of the level of 2965. This will indicate a breakout of the resistance area and continued growth of ETH/USD quotes with a potential target above the level of 3355. Confirmation of the fall of the Ethereum cryptocurrency will be a breakout of the support area and closing of quotes below the level of 2105, which will indicate a breakout of the lower border of the “Triangle” pattern and the beginning of the pattern with targets below.
Ethereum Forecast and Analysis November 4 — 8, 2024 suggests an attempt to develop a bullish correction and test the resistance area near the level of 2575. Where should we expect a downward rebound and a continuation of the fall of the cryptocurrency to the area below the level of 1635. An additional signal in favor of a decrease in the Ethereum rate will be a test of the trend line on the relative strength indicator. The cancellation of the fall option will be a strong growth and a breakout of the 2965 area. In this case, we should expect a continuation of the rise with a target above the 3355 area.
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