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BTC and ETH Price Analysis for October 31

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Mon, 31/10/2022 - 13:51
BTC and ETH Price Analysis for October 31
Cover image via www.tradingview.com

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The new week has started with the continued rise of the cryptocurrency market as the majority of the coins are in the green zone.

Top 10 coins by CoinMarketCap

BTC/USD

Even though the rates of most of the coins are rising, the price of Bitcoin (BTC) is almost unchanged since yesterday.

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) has once again bounced off the support level at $20,463, having confirmed buyers' power. Until the price is above it, the bullish scenario remains relevant.

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At the moment, one needs to pay close attention to the resistance at around $21,000. If a breakout happens, one can expect a price blast to $21,500.

Bitcoin is trading at $20,750 at press time.

ETH/USD

Ethereum (ETH) has gained more than Bitcoin (BTC), going up by 1.48%.

ETH/USD chart by TradingView

Ethereum (ETH) is also following the rise of Bitcoin (BTC) on the daily time frame. If the candle closes above yesterday's peak at $1,640, the accumulated energy might be enough for growth up to the $1,700 zone.

Ethereum is trading at $1,622 at press time.

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