October 31, 2023
Ethereum (ETH) price has been steadily rising, indicating a strong bullish grip with support above $1,800. Investors are optimistic about Ethereum's long-term prospects and are positioning themselves ahead of the next bull market.
October has been a particularly bullish month for Ethereum, with corrections significantly reduced. Traders who hold their long positions are likely to see Ethereum price quickly closing the gap to $2,000. There is also the possibility of a second recovery phase, pushing the price to $3,000.
The Moving Average Convergence Divergence (MACD) indicator suggests that Ethereum's uptrend is far from over. The recent flip of the blue MACD line above the red signal line on October 20 has generated a clear buy signal. As more traders seek exposure to ETH, it is only a matter of time before the price reaches $2,000.
The 21-day Exponential Moving Average (EMA) crossing above the signal line forms a golden cross pattern, indicating a bullish outlook. This pattern suggests that the path of least resistance for Ethereum is upwards.
As of Monday, Ethereum price is trading at $1,816, up 8% in the last seven days. To sustain the uptrend, bulls need to maintain the immediate support at $1,815. However, a brief pullback to $1,800 could provide the necessary momentum for the next run-up to $2,000.
Investors who have been sidelined by the bullish trend in October may welcome a correction as it presents an opportunity to buy Ethereum at a lower price point. Anticipation of a bigger breakout beyond $2,000 is driving investor interest.
The decentralized finance (DeFi) sector in the Ethereum ecosystem is experiencing significant growth. The transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus algorithm has contributed to this growth. Currently, $22.8 billion of the total value locked (TVL) in DeFi systems is accounted for by Ethereum. In October alone, ETH TVL has increased by $3 billion.
Staked Ether has been steadily growing and now accounts for almost a quarter of the network's total supply. Over 28 million ETH has been staked in various smart contracts, with platforms like Lido and Rocket Pool leading the way. This increase in staked Ether reflects the confidence and long-term view investors have for Ethereum.
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