Ethereum (ETH) price has over the last few days, affirming the ongoing bullish grip with higher support above $1,800. Most investors have a long-term outlook for Ethereum, with many of them booking positions ahead of the next bull market.<\/p>\n
Meanwhile, corrections have significantly reduced, elevating October as one of the most bullish months. If traders focus on holding their long positions intact,\u00a0Ethereum price is bound<\/span><\/a>\u00a0to quickly close the gap to $2,000 with the possibility of the second recovery phase following suit to $3,000.<\/p>\n <\/p>\n According to the Moving Average Convergence Divergence (MACD) indicator, ETH\u2019s uptrend is far from over. Possibly, bulls are just starting their field day. Traders began paying more attention to Ethereum longs after the blue MACD line flipped above the red signal line, sending a vivid buy signal on October 20.<\/p>\n If these long positions remain open while more traders seek exposure to ETH, the climb to $2,000 would be a matter of when and not if.<\/p>\n The 21-day Exponential Moving Average (EMA) also upholds the bullish outlook as it crosses above the signal line, forming a golden cross pattern. A golden cross is a bullish pattern whose appearance assures traders that the path with the least resistance is to the upside.<\/p>\n <\/p>\n Up 8% in the last seven days,\u00a0Ethereum price<\/span><\/a>\u00a0is trading at $1,816 on Monday during the US business hours. The uptrend will go a long way if bulls keep the immediate support at $1,815 intact.<\/p>\n \u00a0However, not all will be lost in case of a brief pullback\u2014one that would sweep through liquidity preferably at $1,800 to build the necessary momentum for the next run-up to $2,000.<\/p>\n Investors feeling already sidelined by the bullish trend in October are likely to appreciate the correction, as it would offer them a chance to\u00a0buy Ethereum<\/span><\/a>\u00a0at a lower price point while anticipating a bigger breakout beyond $2,000.<\/p>\n <\/p>\n In the event, that the pullback to seek volatility causes fear among traders and investors and they start to sell to lock in the gains, the 200-day EMA (purple) would be in line to absorb the selling pressure at $1,714. Further losses would seek refuge at $1,680, a support area marginally below both the 21-day EMA and the 100-day EMA.<\/p>\n The\u00a0decentralized finance (DeFi)<\/span><\/a>\u00a0sector in the Ethereum ecosystem has been growing at a commendable rate, thanks to the protocol\u2019s transition from the proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoW) mechanism.<\/p>\n Defi Llama<\/a><\/span>\u00a0shows that of the $42 billion of the total value locked (TVL) in DeFi systems, $22.8 billion is accounted for by Ethereum.<\/p>\n In October alone, ETH TVL\u2019s balance has grown by $3 billion from $19.8 billion. This increase can be attributed to the trend reversal that has seen Ethereum price rally from $1,522 to $1,816 and the long-term view investors have for Ethereum.<\/p>\n Blockchain data from IntoTheBlock and shared by @KriptoBaykusV2 on Twitter (now X), shows that staked Ether has continued to grow in 2023 such that it accounts for at least a quarter of the the network\u2019s total supply.<\/p>\n $ETH<\/a> arz\u0131n\u0131n neredeyse d\u00f6rtte biri \u015fu anda stake ediliyor. Ocak 2023 de bu oran %14’t\u00fc. G\u00fc\u00e7l\u00fc bir art\u0131\u015f var ve yava\u015flayacak gibi de g\u00f6r\u00fcnm\u00fcyor. #ETH<\/a> bo\u011fada nereye gider acaba?#btc<\/a> #Bitcoin<\/a> <\/p>\n Kaynak: @intotheblock<\/a> \u2013 https:\/\/t.co\/typanDsG8o<\/a> pic.twitter.com\/cuPddc7YE9<\/a><\/p>\n \u2014 Bayku\u015f (@KriptoBaykusV2) October 27, 2023<\/a><\/p>\n<\/blockquote>\n So far, almost 28 million ETH has been staked in various smart contracts.\u00a0Liquid staking protocols<\/span><\/a>\u00a0like Lido and Rocket Pool account for the highest number of staked Ether but platforms like Maker, AAVE, and Uniswap are also very competitive.<\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\nWhen Is Ethereum Price Expected To Hit $2,000<\/h2>\n
![\"Ethereum](\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-30_15-40-46.png\")
<\/a>Staked Ether Rises To A Quater of The Total Supply<\/h2>\n
![\"Ethereum](\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/10\/Ethereum-DefiLlama.png\")
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