Originally published on: October 31, 2024
The price of Ethereum has been struggling to gain momentum, with a meager 1% increase in October compared to Bitcoin’s significant 14% rise. This slow growth, coupled with limited interest from investors, has put pressure on Ether’s price, as evidenced by the significant difference in ETF inflows between Ethereum and Bitcoin.
Despite these challenges, a technical analyst believes that Ethereum’s bearish days are numbered. Poseidon, an independent trader, suggests that the recent dip to $2,382 was the altcoin’s “final dip,” signaling brighter days ahead. Rebounding above $2,500 within 48 hours, Ethereum has reclaimed key levels and is poised for an 88% return on investment from its current price.
Additionally, the ETH/BTC chart is approaching a critical level, indicating a potential trend reversal. With Ethereum showing strength from ascending support levels and forming a bullish pattern on the daily chart, analysts predict a retest in the $2,550 to $2,600 range and eventual upside potential to $2,800.
Despite the positive outlook, readers are reminded that all investments carry risks, and it is essential to conduct thorough research before making any financial decisions.
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