Ethereum

bullish

Future

DeFi

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum (ETH) faces a roadblock near $2700, despite October recovery.</li>
 <li>Options market predicts lower chances of ETH reaching $3K before US elections.</li>
</ul>
<p>After a recovery in October, <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> hit a stumbling block near the $2700 mark.</p>
<p>The leading altcoin managed to reverse losses from the first half of October, climbing back to $2.6K.</p>
<h2 id="ethereum-s-price-prediction">Ethereum’s Price Prediction</h2>
<p>Since October 9, Ethereum has seen increased capital inflows.</p>
<p>However, these inflows have slightly tapered off in the past two days, which could potentially disrupt Ethereum’s progress above the roadblock.</p>
<p>The roadblock also doubles as a bearish order block and supply zone, which could trigger a price rejection towards the 50-day Exponential Moving Average (EMA) at $2.5K.</p>
<p>Nonetheless, if <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> continues its bullish streak above $68K, Ethereum could potentially overcome this hurdle and gain an extra 8%, hitting $2.9K.</p>
<h2 id="options-data-analysis">Options Data Analysis</h2>
<p>According to options data from Deribit, the market is less optimistic about Ethereum crossing the $3K mark before the end of October, with only a 6% chance.</p>
<p>However, the odds of Ethereum reaching $3K increase to 21% by November 8, just after the US elections.</p>
<p>This suggests that a strong move above $3K for Ethereum may only be possible after the US elections, as the next administration’s stance on DeFi regulation will be crucial.</p>
<p>This week, over 220K ETH of Open Interest was added on the <a href="https://coineagle.com/exchange/binance/" rel="noopener noreferrer nofollow">Binance</a> exchange, indicating bullish bets.</p>
<p>However, this doesn’t necessarily indicate a future price direction for Ethereum.</p>
<p>High leverage equates to high levels of liquidation risk, especially if Ethereum’s price drops significantly.</p>
<p>Therefore, the support at $2300, the 50-day EMA, and the roadblock could be key interest levels in the short term.</p>
<p>Please note, the information presented does not constitute financial, investment, trading, or other types of advice.</p>

Future of Ethereum: Predicting the Price Trend as it Plateaus at $2700

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CoinEagle.com

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