Analysis and Forecast: Focusing on ETH 09 November 2023
Technical block:
Resistance of the downward trend (beginning 11/10/21) holds the price of ETH and stopped the growth of the coin; impulse sales with high volatility and profit taking are observed.
A strong buy signal will be generated after trading level 2065
Target values and support: 1920, 1694, 1677, 1510
Resistance: 2590, 2734
Quantitative analysis signals overbought conditions and critically high volatility.
Forecast for 7-10 days: reduction to target values, then a consolidation stage and continued growth to 2590 in the event of a breakdown of 2065.
Fundamental block:
1) Saudi Arabia will continue an additional voluntary reduction in oil production by 1 million bpd in December.
2) The Russian Federation will continue to reduce supplies of oil and petroleum products by 300 thousand b/d until the end of 2023, review of the decision in December - Novak - TAAS
3) The cost of servicing US debt continues to reach new highs, forcing us to think about easing monetary policy as soon as possible.
Points 1 and 2 are positive for rising oil prices, which in turn accelerates global inflation. An imminent reduction in rates follows from point 3. These factors are positive for the growth of demand for protective assets - gold, cryptocurrencies, shares of mining companies.
Resistance of the downward trend (beginning 11/10/21) holds the price of ETH and stopped the growth of the coin; impulse sales with high volatility and profit taking are observed.
A strong buy signal will be generated after trading level 2065
Target values and support: 1920, 1694, 1677, 1510
Resistance: 2590, 2734
Quantitative analysis signals overbought conditions and critically high volatility.
Forecast for 7-10 days: reduction to target values, then a consolidation stage and continued growth to 2590 in the event of a breakdown of 2065.
Fundamental block:
1) Saudi Arabia will continue an additional voluntary reduction in oil production by 1 million bpd in December.
2) The Russian Federation will continue to reduce supplies of oil and petroleum products by 300 thousand b/d until the end of 2023, review of the decision in December - Novak - TAAS
3) The cost of servicing US debt continues to reach new highs, forcing us to think about easing monetary policy as soon as possible.
Points 1 and 2 are positive for rising oil prices, which in turn accelerates global inflation. An imminent reduction in rates follows from point 3. These factors are positive for the growth of demand for protective assets - gold, cryptocurrencies, shares of mining companies.
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