Ethereum

Solana

Bitcoin

DeFi

<p>As <a href="https://coinpedia.org/news/bitcoin-price-prediction-with-71000-under-their-belt-bulls-set-sights-on-new-aths/" target="_blank" rel="noreferrer noopener">Bitcoin (BTC)</a> shot past $71,000 today for the first time since June, Ethereum (ETH) also experienced strong gains. The second-largest cryptocurrency by market cap saw its price rise 5% in 24 hours, reaching about $2,618 in early European trading on Tuesday, October 29. With a market valuation near $315 billion and an average daily trading volume of around $23 billion, Ethereum’s recent rally has become a point of focus in the market.</p>   
<p>It's safe to say that currently, all eyes are on Ethereum. What does the future hold for the second-largest crypto? Let's dive deeper. </p>   
<h2 class="wp-block-heading" id="h-is-an-eth-breakout-coming">Is an ETH Breakout Coming? </h2>   
<p>Ethereum’s price spike brought a wave of volatility, triggering nearly $40 million in liquidations in its leveraged market, with 81% of these affecting short traders. This sudden market shakeup highlights the risk for traders betting against ETH's rally, as many were caught off guard by the swift price jump.</p>   
<p>From a technical analysis perspective, <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noreferrer noopener">Ethereum's price</a> is consolidating near the peak of a weekly triangle pattern, indicating that a breakout could be on the way. ETH has also rebounded from a key rising logarithmic trendline established last year, reinforcing its long-term bullish outlook.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/altstreetbet/status/1851090661606305846?s=46 
 </div>
</figure>   
<p>In the short term, Ethereum needs to hold above a resistance level around $2,829 to confirm a rally toward its previous all-time high. For a stronger bull run to materialize, the ETH/BTC pair—which has been declining since early 2022—would need to reverse its downward trend.</p>   [post_titles_links postid="373503"]   
<h2 class="wp-block-heading" id="h-will-solana-pose-a-challenge">Will Solana Pose a Challenge? </h2>   
<p>As Coinpedia previously noted, the Ethereum network has faced <a href="https://coinpedia.org/crypto-live-news/solana-dominates-dex-market-surpasses-ethereum-in-volume-tvl-and-fees/" target="_blank" rel="noreferrer noopener">intense competition from Solana</a> (SOL) in terms of on-chain activity and DeFi growth. High demand for Solana among both retail and institutional investors has strengthened the SOL/ETH pair, which has now entered price discovery mode.</p>   
<p>Recently, Solana-based investment products saw cash inflows of more than $10 million, while Ethereum products recorded outflows. U.S. spot Ether ETFs have seen over $25 million in withdrawals in the past two weeks, with Grayscale’s ETHE fund leading these outflows.</p>   
<h2 class="wp-block-heading" id="h-ethereum-is-irreplaceable">Ethereum Is Irreplaceable! </h2>   
<p>Despite Solana’s advances, Ethereum remains a cornerstone of the web3 ecosystem. The network has over $49 billion in total value locked (TVL) and a stablecoin market cap of more than $84 billion, making it a leader in <a href="https://coinpedia.org/glossary/defi/" target="_blank" rel="noreferrer noopener">decentralized finance</a> (DeFi) and stablecoin markets. As competitors close in, Ethereum’s strong foundation keeps it a key player, even as the blockchain space evolves.</p>   
<p>Ethereum’s next steps will depend on overcoming critical resistance levels and potentially reversing bearish trends against Bitcoin, setting up a crucial period ahead for investors.</p>   
<p><strong>Are you excited for what lies ahead for Ethereum? </strong></p>

Why Ethereum Price is Surging Today: Technical Analysis, Market Trends, & More!

Table of Contents

CoinPedia News

Other articles published on Oct 29, 2024

Popcat Price Prediction: POPCAT Jumps 13% To Flip BONK, But Analysts Say This Meme Coin Staking I...

BRICS and the mBridge Project: Implications for the U.S. Dollar in International Trade

Uniswap Launches Permissionless Cross-Chain Bridging on Nine Networks, Including Polygon and ZKsync

Ramp Network Enables Crypto-To-Mexican Peso Transactions Via SPEI (29 Oct)

Users Earn While Moving with STEPN

Trump’s Election Prospects and Bullish Market Stir Hopes for Bitcoin New ATH

Join our free newsletter for daily crypto updates!