ETHUSD → High probability of growth. Breakthrough of resistance

7 Nov 2023

ETHUSD shows positive dynamics. The price breaks the flat resistance (consolidation in the format of a symmetrical triangle) and gives us a possible signal for further growth



On the senior timeframe, we see that the overall cryptocurrency fundamentals are quite strong, the rally of bitcoin and altcoins has sufficiently strengthened the market capitalization. BTCUSD feels stronger than the US stock market, which actually increases the interest in the cryptocurrency market.

As for ETH, we see an attempt to break the resistance of the range, as bitcoin broke 34000 and is forming a consolidation above the range line. If ETH can successfully consolidate above the previously broken line, the trigger point for a breakout and upside would be the 1900 level (last week's high candle).
Moving averages on W1 support the bullish direction of the market and indicate that the accumulated potential is about to be realized.

Support levels: previously broken figure resistance, 1785, MA200
Resistance levels: 1900, 1942

I expect consolidation above the figure with the subsequent breakout of 1900-1942 and growth to these targets.

Regards R. Linda!

9 Nov 2023

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