. Daily Crypto Analysis - ETH's 20% October Surge Sparks Crypto Optimism

Daily Crypto Analysis – ETH’s 20% October Surge Sparks Crypto Optimism

Daily Crypto Analysis – ETH’s 20% October Surge Sparks Crypto Optimism

31 Oct 2023

Introduction:

Ethereum has made significant strides in October, with a 20% price surge that rekindled investor optimism. Simultaneously, a decrease in the supply of ETH on exchanges indicates a growing inclination among investors to hold their positions. This article explores Ethereum’s resurgence, highlighting its potential for further growth and touches on other notable developments in the crypto market, including Bitcoin’s price surge and Ripple’s recent gains.

Ethereum:

A 20% surge in Ethereum price during October has boosted investor confidence, and at the same time, the supply of ETH on exchanges has seen a decrease.

The price of Ethereum has risen by nearly 20% since hitting a low of $1,523 on October 12, attracting the return of investors. Data from Sentiment indicates a declining supply of ETH on exchanges, indicating a tendency among investors to hold onto their positions.

Ethereum (ETH) maintains its position above a pivotal support level following a substantial uptrend that commenced in mid-October. The cryptocurrency, ranked as the second largest by market capitalization, appears to have the potential for further upward movement, as technical indicators suggest a resurgence of investor confidence in ETH.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 1795.25 | Positive Crossover | Bullish
  • MA 20: 1773.70| Positive Crossover | Bullish
  • MA 50: 1714.56| Positive Crossover | Bullish

Simple:

  • MA 5: 1796.44 | Positive Crossover | Bullish
  • MA 20: 1789.45| Positive Crossover | Bullish
  • MA 50: 1683.43 | Positive Crossover | Bullish

RSI (Relative Strength Index): 62.01| Buy Zone |Bullish

Stochastic Oscillator: 71.09| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 1813.23| R2: 1913.69
  • S1: 1737.45| S2: 1661.67

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 1836.15 | Take Profit: 1913.69 | Stop Loss: 1788.56.

Elsewhere In the Crypto Market

The Bitcoin price approaching the $35,000 mark has instilled optimism among investors, especially following the recent rally that yielded substantial profits for them. The price of Ripple has reached $0.55, delivering a 6.2% weekly gain to its holders.

Bitcoin down (0.26%) at 34407.00, Ethereum down (0.48%) at 1,801.2, Litecoin up (1.54%) at 70.34, Solana up (10.93%) at 36.26, Doge coin down at (0.85%) at 0.69 as of writing time.

Key Economic Events & Data Release Today:

(CNY) Manufacturing PMI (Oct) Actual 49.5, Forecast 50.2, Previous 50.2 at 07:00.

(JPY) BoJ Monetary Policy Statement at 08:00.

(EUR) GDP (QoQ) (Q3) Forecast 0.0%, Previous 0.1% at 15:30.

(CAD) GDP (MoM) (Aug) Forecast 0.1%, Previous 0.0% at 18:00.

(USD) CB Consumer Confidence (Oct) Forecast 100.0, Previous 103.0 at 19:30.