Ethereum ETH/USD ends the trading week at 583.66 and continues to move within the growth and upward channel. Moving averages indicate a bullish trend for ETH/USD. Prices went up from 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 480.55 area. Where can we expect a rebound again and continued growth in the rate and value of Ethereum with a potential target above the level of 725.05.
Ethereum Forecast and Analysis December 7 — 11, 2020
An additional signal in favor of raising the ETH/USD quotes in the current trading week on December 7 — 11, 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 option for the growth of the value of the cryptocurrency in the current trading week will be a fall and a breakdown of the level of 395.05. 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 305.05. Confirmation of the growth of the Ethereum cryptocurrency will be the breakdown of the resistance area and closing of quotations above the level of 655.05.
Ethereum Forecast and Analysis December 7 — 11, 2020 implies an attempt to test the support area near 480.55. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 725.05. 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 395.05 area. In this case, we should expect a continuation of the decline with a target below the area of 305.05.