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Ethereum (ETH) Price Analysis for October 30

Can Ethereum (ETH) be an example for other altcoins to follow?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The situation on the market is almost unchanged since yesterday. The only coin that is trading in the green zone is Bitcoin (BTC), whose rate has increased by 1.73%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Meanwhile, the market capitalization is unchanged despite the fact that most of the coins are under the influence of bearish sentiments. The current index accounts for $390 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Ethereum is looking the following way:

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  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $43,117,705,368

  • Price: $380.83

  • Volume (24h): $15,704,905,185

  • Change (24h): -0.79%

The data is relevant at press time.

ETH/USD: Can Ethereum fix above $400 in the short-term perspective?

Yesterday morning, the trading volumes were below the average level, and the pair traded for a short time around the $390 mark. The bulls could not continue to grow, so the Ethereum (ETH) price rolled back to the support of $380.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

In the afternoon, buyers restored the pair to the mid-range, but the 6-hour EMA55 is holding back the growth and not allowing a return to the psychological level of $400.

👉 MUST READ BTC, ETH and XRP Price Analysis for October 28related article image

If the bulls fail to break through this level of average prices, then the pullback will continue to the support of $360.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the bigger time frame, Ethereum (ETH) is even more bearish. The leading altcoin is slowly approaching the closest support zone at $360 against the increasing selling trading volume. In case this level cannot stop the drop, there is a high chance of seeing a retest of $309 where most of the liquidity is focused.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the weekly chart, Ethereum (ETH) is bullish despite short-term corrections. The altcoin is trading within the rising channel since a sharp drop in March. At the moment, the crypto has little chance of setting new peaks. However, a false breakout of the resistance at $489 may occur if the volume and liquidity remain at a low level.

Ethereum is trading at $379.32 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com