Ethereum

bullish

2024

Edge

<p>Ethereum’s native token, Ether (ETH), is poised to experience its first October loss since 2018, dropping 5.4% to $2,475 as of Oct. 27. This decline is largely due to mounting competition from newer smart contract platforms like Solana (SOL) and lukewarm market reactions to Ethereum-based spot ETFs.</p>
<h3 class="wp-block-heading" id="indicators-suggest-ether-may-rebound-toward-6-000">Indicators Suggest Ether May Rebound Toward $6,000</h3>
<p>Despite recent losses, several indicators point to a potential recovery for Ether. The token currently holds above a crucial support level around $2,400, which aligns with the lower trendline of ETH’s multimonth ascending channel. Historically, this pattern has triggered sharp price rebounds, including a 160% surge between October 2023 and March 2024.</p>
<p>If Ether maintains its $2,400 support, it could target the channel’s upper boundary in the coming months, potentially reaching the $6,000 mark. Adding to this bullish scenario, Ether’s weekly relative strength index (RSI) has bounced from a historical support zone, indicating possible upward momentum.</p>
<h3 class="wp-block-heading" id="large-scale-eth-outflows-from-coinbase">Large-Scale ETH Outflows from Coinbase</h3>
<p>On Oct. 25, over $1.3 billion worth of ETH (543,000 ETH) was withdrawn from Coinbase in a single hour, marking one of the largest Ether transfers in recent months, according to CryptoQuant analyst Burak Kesmeci. Significant withdrawals like this are often interpreted as indicators of institutional activity, signaling a shift toward long-term holding strategies and possible bullish sentiment.</p>
<p>Kesmeci highlighted that another major outflow in August 2024 saw 681,100 ETH, worth $1.8 billion, exit Coinbase, supporting the theory of rising institutional interest. “This being the second such outflow in three months strongly suggests the possibility of growing institutional interest,” Kesmeci noted.</p>
<h3 class="wp-block-heading" id="ethereum-s-competitive-edge-over-rivals">Ethereum’s Competitive Edge Over Rivals</h3>
<p>Ethereum’s path to $6,000 could also benefit from a shift in investments away from rivals like Bitcoin (BTC) and Solana. Technically, ETH now trades near its all-time ascending trendline support against Bitcoin, with an oversold RSI, setting the stage for a potential rebound.</p>
<p>Should these trends continue, Ethereum could be well-positioned for a recovery, drawing strength from institutional interest and technical indicators.</p>

ETH Poised to Surge to $6,000 Despite Weak Performance

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