By maintaining a support level of $1800 to maintain control over the upward trend, Ethereum (ETH) bulls are working hard to avoid duplicate checking issues. Their goal is to push the price to a high point above $2000
By maintaining a support level of $1800 to maintain control over the upward trend, Ethereum (ETH) bulls are working hard to avoid duplicate checking issues. Their goal is to push the price to a high point above $2000.
In recent days, Ethereum (ETH) prices have confirmed a sustained upward trend and stabilized at a support level above $1800. Many investors are optimistic about Ethereum's long-term outlook, as they have taken favorable positions ahead of the next bull market.
Meanwhile, the market correction has significantly decreased, making October one of the most bullish months. If traders continue to focus on maintaining long positions, Ethereum prices will quickly narrow the gap to $2000 and are expected to reach $3000 soon, entering the second stage of recovery.
When will the price of Ethereum exceed $2000?
According to the Moving Average Convergence Divergence (MACD) indicator, the upward trend of ETH has not yet reached its peak, and the bull market may have just begun. On October 20th, the blue MACD line broke through the red signal line, sending a strong buying signal, which attracted more attention from traders to Ethereum bulls.
If these long positions remain open and more traders join the Ethereum market, then it is only a matter of time before the price rises to $2000, not whether it will be realized.
In addition, the 21 day moving average (EMA) of the index broke through the signal line, forming a golden cross shape, further maintaining the bullish outlook. The golden cross is an optimistic signal that makes traders believe that the current direction of least resistance is upward.
In the past 7 days, the price of Ethereum has increased by 8%, and on Monday during US trading hours, the price of Ethereum was $1816. If bulls continue to maintain an immediate support level of $1815, the upward trend will continue for a considerable period of time.
However, even if there is a brief pullback, it will not be completely lost - ideally, the price can maintain liquidity at the $1800 level, establishing the necessary momentum for the next charge towards $2000.
For investors looking forward to a sustained bullish trend in October, this adjustment may be a good opportunity as they can purchase Ethereum at a lower price. Meanwhile, it is expected that Ethereum will exceed $2000.
If there is a pullback caused by the pursuit of short-term volatility, which concerns traders and investors, they may start selling Ethereum to lock in profits. In this case, the 200 day moving average (purple line) will absorb selling pressure from $1714. Further losses may seek support at $1680, which is slightly below the 21 day and 100 day moving averages.
The pledged amount of Ethereum accounts for one fourth of the total supply.
Due to the shift of protocols from Proof of Work (PoW) consensus algorithms to Proof of Rights (PoW) mechanisms, the decentralized finance (DeFi) field in the Ethereum ecosystem is growing at an astonishing rate.
According to DefiLlama's data, Ethereum accounts for $22.8 billion in DeFi systems with a total lock in value (TVL) of $42 billion.
In October alone, the balance of Ethereum TVL increased from $19.8 billion to $23 billion. This growth can be attributed to the reversal trend of Ethereum prices rising from $1522 to $1816, as well as investors' long-term optimism towards Ethereum.
According to blockchain data from IntoTheBlock, pledged Ethereum continues to grow, accounting for at least a quarter of the total network supply. Currently, nearly 28 million ETHs are pledged in various smart contracts. Liquidity pledge agreements Lido and RocketPool account for the largest portion of pledged Ethereum, but platforms such as Maker, AAVE, and Uniswap also have considerable competitiveness.
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