As we mentioned in the previous market review, Ethereum has been making active breakout attempts after showing a sudden price spike on Oct. 25. On that day, bears were able to push Ether's value down by 4% at the trendline resistance, making a breakout possibility in the future unlikely.
The surge on the market is most likely tied to the mild recovery of the NFT and DeFi industries we saw in the last week. With the increased usage and revenue, Ethereum might gain some more traction on the market even with the continuing monetary policy hardening.Despite existing selling pressure from retail investors, has continued moving upward, reaching new local highs.
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