Technical indicators suggest bullish momentum for Ethereum, with the price breaking above the 50-day moving average of $1,820 and a Relative Strength Index (RSI) of 62, hinting at further upside potential.

The influence of AI-driven trading algorithms is growing, with reports showing an 18% increase in AI-based trading volume for ETH pairs, which may enhance price volatility in Ethereum's favor.

Traders are currently eyeing key resistance levels for Ethereum at $1,950, while support is noted at $1,800, providing critical entry and exit points during this bullish trend.

Moreover, Ethereum's total value locked (TVL) in decentralized finance (DeFi) protocols rose by 4.8% to $22.3 billion in the preceding 48 hours, according to DefiLlama.

During this period, Ethereum's price rose significantly by 5.7%, climbing from $1,780 to $1,882, as reported by CoinGecko.

Additionally, there was a 15% increase in active Ethereum addresses over the past week, reaching 1.1 million, indicating growing network adoption.

The recent decline of the U.S. dollar has sparked increased interest in the cryptocurrency market, particularly in Ethereum (ETH), as investors seek alternative assets.

As of late October 2023, the U.S. Dollar Index fell by 1.2% to 105.30, driven by rising U.S. debt and inflation concerns, which has contributed to the bullish sentiment in crypto.

In this context, the ETH/USDT trading pair experienced a remarkable trading volume of $4.2 billion in just 24 hours, showcasing robust liquidity and retail interest.

Overall, Ethereum's trading volume surged by 32%, totaling $12.5 billion across major exchanges, reflecting rising investor confidence.

However, Ethereum gas fees also rose by 7.3% to an average of 25 Gwei, reflecting increased transaction demand.

In terms of market performance, the ETH/BTC trading pair gained 3.2%, while Bitcoin's increase was limited to 2.1%, indicating Ethereum's relative strength.