Ethereum ETH/USD ends the trading week at 362.89 and continues to move within the correction and the upward channel. Moving averages indicate a bullish trend for ETH/USD. Prices are again testing the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a slight downward correction and a test of the support level near the area of 315.65. Where can we expect a rebound and continued growth in the rate and value of Ethereum with a potential target above the level of 510.55.
Ethereum Forecast and Analysis October 12 — 16, 2020
An additional signal in favor of raising the ETH/USD quotes in the current trading week on October 12 — 16, 2020 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the value of the cryptocurrency in the current trading week will be a fall and a breakdown of the level of 275.05. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 215.05. Confirmation of the growth of the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotations above the level of 395.05.
Ethereum Forecast and Analysis October 12 — 16, 2020 implies an attempt to test the support area near the level of 315.65. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 510.55. An additional signal in favor of a rise in the Ethereum rate will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 275.05 area. In this case, we should expect a continuation of the decline with a target below the area of 215.05.