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Ethereum (ETH) Price Analysis for October 29

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Sat, 29/10/2022 - 14:22
Ethereum (ETH) Price Analysis for October 29
Cover image via www.tradingview.com

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The market does not seem to need any time for rest as the prices of all the top 10 coins are rising.

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Top coins by CoinMarketCap

ETH/USD

Ethereum (ETH) is one of the most rising coins, its price has rocketed by 8.39%.

ETH/USD chart by TradingView

Despite the rise, Ethereum (ETH) has formed a local resistance level at $1,640 after its false breakout. However, if the rate remains above $1,600, the growth might continue tomorrow as the volume is high.

ETH/USD chart by TradingView

On the daily time frame, Ethereum (ETH) has broken the vital $1,600 mark. If bears cannot seize the initiative, the rise might continue next week, which could lead to a test of the $1,700 zone.

ETH/USD chart by TradingView

From the midterm point of view, Ethereum (ETH) has started to realize the accumulated energy.

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If the situation remains the same, traders may see the price of the leading altcoin near the closest resistance at $1,789 by mid-November.

Ethereum is trading at $1,619 at press time.

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