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Technical Analysis for ETHUSD for 29th October 2021

Ethereum Posts Strong Gains, ETH on the Brink of Registering New All-Time Highs above $4.4k

Eth2 is now closer to staking with the Altair upgrade.

Past Performance of ETH

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.

What to Expect of ETH

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.

Ethereum Technical Analysis

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.

Resistance level to watch: $4.4k

Support level to watch: $3.8k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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