30s Summary

Ethereum’s token, Ether (ETH), is trending towards its first October drop since 2018, due to competition from newer platforms and lukewarm responses to Ethereum-based ETFs. However, signs of a potential recovery are emerging, with analysts predicting a possible bounce back to around $6,000. Ether’s ability to maintain support above $2,400 and a recent large-scale withdrawal from Coinbase are viewed as positive indicators. An oversold relative strength index and potential pull-outs from Bitcoin and Solana could also facilitate a price rebound for Ether in the coming months. Note, these are speculations and not professional advice.

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Alright, here’s the deal: Ethereum’s token, Ether (ETH), is on a bit of a low note, headed for its first October dip since 2018 with a 5.40% drop this month, putting it at $2,475 as of Oct. 27.

You might be wondering why this drop. Well, it’s mainly due to tough competition from newer smart contract platforms like Solana (SOL) and the market’s lukewarm response to Ethereum-based spot ETFs.

But, don’t worry, there’s good news, too. There are growing signs that Ether might be getting ready for a comeback, with several pointers suggesting a bounce back to around $6,000.

Let’s talk numbers. Ether is currently keeping its head above water above a critical support level around $2,400. In the past, whenever Ether has been able to stay above this point, we’ve seen some pretty solid price rebounds, like that 160%-plus jump between October 2023 and March 2024.

If ETH can keep itself above $2,400, we might see it shoot for the upper boundary of its trendlines at around $6,000 in the coming months.

Solidifying this bullish prediction, we’ve also seen Ether’s weekly relative strength index (RSI) bounce back from an historical support zone, which is quite in sync with ETH’s attempt to stay above its lower trendline.

And it’s not just us. A recent exodus of Ethereum from Coinbase hints at a potential wave of big players’ interest, according to analysit Burak Kesmeci. On Oct. 25, in a single hour, an anonymous entity withdrew 543,000 ETH—valued at over $1.3 billion—from the crypto exchange, and these kinds of big moves usually signify heavy-duty action from big money movers.

What might give Ether an extra boost is if people start pulling out of Bitcoin (BTC) and Solana and throwing that money into Ethereum. Ether is now trading around what analysts call its all-time ascending trendline support against Bitcoin.
Combined with its oversold RSI, we could be looking at a solid price rebound in the coming months.

Even Ethereum’s rival, Solana, has shown signs of over-extension. After a 900% surge against Ether from June 2023, Solana’s pricing may have shot too high too quickly and it could be bound for a downward correction. This could also turn into good news for Ethereum, enabling it to make a play for a $6,000 target by the year’s end or early 2025.

Keep in mind, I’m just breaking down the buzz, not giving professional advice. Every investment strategy comes with risks, so make sure you do your own research before making any decisions.

Source: Cointelegraph