Technical Analysis for ETHUSD for 29th October 2021

Ethereum prices are back to near all-time highs after the bounce from the middle BB—a dynamic support line. 

Based on the ETH/USDT chart from CryptoAltum, buyers are back in control following the print of the double-bar bullish reversal pattern. 

At spot rates, ETH is up roughly eight percent versus the greenback.

Technical candlestick arrangements place buyers on top despite the cool-off of early this week. 

The rejection of lower prices and the engulfing bar of October 28 signals strength. 

As such, ETH may likely print higher, closing above $4.4k to register new all-time highs, drawing in even more demand. 

A break below the middle BB and $3.8k, on the other hand, nullifies the bullish outlook.

ETH bulls may be rampant at spot rates as market forces cause another readjustment to the upside. 

However, ETH/USDT prices are in a tight consolidation below $4.4k. 

As mentioned earlier, a close above $443k may see ETH prices surge to the untested area, even to $5k. 

With the surge, there might be opportunities for buyers to double down on dips, targeting $4.4k and anticipation of a bullish breakout above the liquidation line.