In this latest market frenzy, one storyline is attracting attention and some analysis: while Bitcoin is outperforming the rest and retesting $73,000, Ethereum is struggling to hit its target of $4,000. The diverging performances between the two top digital assets now serve as an interesting sub-plot to an exciting week ahead for the general cryptocurrency industry.

Ethereum And Bitcoin- A Contrasting Story Of Market Run

As the top two cryptocurrencies by market cap, it’s natural for analysts and observers to take a second look at Ethereum and Bitcoin. While both digital assets have notched some gains, with Bitcoin rising by 1.90% and ETH by 2.59%, they still paint contradicting storylines.

$ETH is moving according to plan but is underperforming BTC from the past few weeks.

With the momentum gained, it is looking ready to head past the $2800 resistance zone and start a parabolic move towards my target of $4000.

It’s time for ETH to outperform BTC. pic.twitter.com/4mK8DVMd2c

�Crypto General (@DaCryptoGeneral) October 29, 2024

As the top crypto, Bitcoin has led the recent market rally, surpassing the psychological $70,000 level and hitting $72,459.92. Last Tuesday, BTC tested the $73k level again, and analysts expect it will record another all-time high soon.

In contrast, Ethereum’s run has been sluggish, falling short of expectations. While ETH joined other coins in a mini-rally this week, its current price of $2,687 is still far from the analysts�target of $4,000.

ETH’s Recent Run- What Analysts Are Saying

The contrasting price runs and milestones for both top cryptos have attracted some attention. For most analysts, Bitcoin’s recent price performance validates its standing as the current top digital asset. Ethereum’s struggles to hit the elusive $4k have been criticized by some traders and analysts, with many stating that Solana is now “the next Ethereum.�/p>

ETH is not dying.#ETH / #BTC is doing what it always does.

I think ETH/BTC bottoms this quarter and goes up in 2025.

Once ETH/BTC passes the 50D SMA, the bottom is in IMO.

Still a risk ETH/USD drops one more time in Nov/Dec but hedging makes sense pic.twitter.com/xAbg8Szi3N

�Benjamin Cowen (@intocryptoverse) October 30, 2024

However, a few analysts still defend Ethereum and expect the blockchain to rebound soon. Benjamin Cowen, the founder and CEO of ITC, took to Twitter/X to say that the Ethereum blockchain “is not dying.” In the same post, he shared that he expects ETH/BTC to bottom this quarter and will make a run next year.

In addition to market prices, the spot ETFs market reflects Bitcoin’s overall strength and Ethereum’s recent struggles. According to recent data, Bitcoin ETFs attracted $870.1 million, compared to Ethereum’s spot ETFs’ $7.6 million.

While many are excited about Bitcoin’s next price move, some are paying attention to ETH. Ethereum is now on the analysts�radar, and they are checking whether ETH can benefit from the same market factors pushing Bitcoin higher.

Featured image from Pexels, chart from TradingView

Ethereum Retests $2,700

Ethereum surged above a key resistance level on Wednesday morning as most of the crypto market soared. The cryptocurrency rallied 3.1% toward the $2,700 horizontal level, hitting the $2,722 mark before retracing to $2,710.

Over the past week, ETH hovered between the $2,430-$2,650 range after failing to hold its support. This performance worried many investors and market watchers, who have heavily criticized the crypto’s price action throughout the year.

However, today’s jump represents a 5.6% increase in the weekly timeframe, which sparked a bullish sentiment among the community. Crypto trader CRG noted that Ethereum is testing a support level in its trading pair against Bitcoin (BTC) in a higher timeframe (HTF).

Per the chart, ETH/BTC is retesting an HTF support at the 0.0377 level. The 0.023-0.040 zone was a crucial area between 2020 and 2021, with ETH’s all-time high rally starting after breaking above the upper line of this range.

The trader suggested that Ethereum’s surge would be short-lived as the “King of Altcoins�has had a “disappointing�performance despite the spot ETH exchange-traded funds (ETF) approval. “ETH is like the toxic ex-gf that keeps you going back,�he jokingly stated.

Similarly, crypto analyst Michaël van de Poppe remarked that it’s time to be bullish on ETH, suggesting that there’s a “massive bullish divergence�in the one-day timeframe of the ETH/BTC chart, while it was “popping up�in the three-day timeframe. Van de Poppe pointed out that the 0.051 area is the crucial zone for a trend reversal.

ETH To Hit $3,000 In Two Weeks?

Various crypto analysts have set the $2,800 resistance level as the next crucial zone if Ethereum successfully reclaims the $2,700 mark. Analyst Crypto Yapper pointed out that ETH has registered five consecutive green daily candles since bouncing from last week’s lows.

To the analyst, if ETH breaks above the $2,800 horizontal level, the cryptocurrency will rally toward the $3,000 resistance level and potentially kickstart the altcoin season.

Similarly, van de Poppe suggested that Ethereum will break above the crucial horizontal level in the next two weeks, as it took the liquidity at the $2,450 level and “ran back up to resistance.�According to the analyst, this could propel ETH’s price to $3,000 in November.

ETH has been rejected from the $2,700 resistance level, hovering between the $2,680-$2,690 price range for the past hour. As of this writing, the cryptocurrency trades at $2,693, a 1.4% and 3.3% increase in the daily and monthly timeframes.

Nonetheless, it’s worth noting that the crypto market might continue facing high volatility over the next few days as speculation increases ahead of the US presidential elections.

• Ethereum started a decent increase above the $2,650 zone.
• The price is trading above $2,600 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to rise if it clears the $2,650 and $2,720 resistance levels.

Ethereum Price Eyes More Gains

Ethereum price formed a base above the $2,550 level and started a fresh increase like Bitcoin. ETH climbed above the $2,600 and $2,620 resistance levels to move into a positive zone.

The price even broke the $2,650 resistance. A high is formed at $2,719 and the price is now consolidating gains. There was a minor decline below the $2,680 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $2,489 swing low to the $2,719 high.

Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,540 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,650 level. The first major resistance is near the $2,700 level. The main resistance is now forming near $2,720. A clear move above the $2,720 resistance might send the price toward the $2,880 resistance.

An upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone.

Downside Correction In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,600 level and the 50% Fib retracement level of the upward wave from the $2,489 swing low to the $2,719 high.

The first major support sits near the $2,540 zone. A clear move below the $2,540 support might push the price toward $2,500. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,320.

Technical Indicators

Hourly MACD �The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level �$2,600

Major Resistance Level �$2,650

Martinez’s analysis points to a large trading channel with an upper boundary of around $6,000, indicating a substantial upside if ETH continues to gain momentum.

As the crypto market broadly trends toward new highs, Ethereum’s performance has lagged behind some altcoins. A strong push past $2,700 could build the momentum for Ethereum to attract renewed interest, particularly from institutional and long-term investors. 

Investors are watching to see if it can finally catch up to the broader market’s gains. Should Ethereum hold its ground and continue upwards, the anticipated surge could solidify its position as a leading asset in the next major crypto rally.

Ethereum Accumulation About To End

Ethereum has been consolidating since early August. Some analysts see this as a strategic accumulation phase by long-term investors before a potential breakout. Ali Martinez highlights this view in his technical analysis on X, sharing a chart showing Ethereum trading within a channel. 

According to Martinez, this ongoing consolidation around $2,400 suggests a buildup phase, positioning ETH for a powerful surge if it breaks out of its current range.

Martinez points to the critical $2,400 support level as a foundation to propel Ethereum toward the channel’s upper boundary at around $6,000. Such a move, however, would require ETH to first breach the $2,800 level, confirming a shift out of its consolidation phase. 

If Ethereum’s price closes above this level, the breakout would mark a reversal and signal a new upward trend.

This potential rally aligns with broader market trends, as other altcoins and Bitcoin are pushing toward new highs. Analysts believe this could create a domino effect, drawing capital into ETH as investors look for high-upside assets with established use cases and network activity. 

If Ethereum can hold above $2,800 and build momentum, the move could validate Martinez’s $6,000 target. Investors are watching as a breakout could signal a phase of exponential growth for the second-largest cryptocurrency by market cap.

ETH Testing Critical Supply level

Ethereum (ETH) is trading at $2,680, just 3.5% away from its 200-day exponential moving average (EMA) at $2,776. This EMA level acts as a significant resistance point, and for bulls to take control, ETH must break above it and then hold this level as support to confirm an uptrend. 

A push above the $2,820 supply level would further solidify bullish momentum and set the stage for a potential breakout.

However, ETH might spend several days trading below these crucial levels before a decisive move unfolds. Market conditions could favor a period of consolidation, allowing ETH to gather more strength and push higher.

A retrace is likely if ETH fails to hold prices above the 200-day EMA and the $2,820 supply zone. In this scenario, ETH would potentially seek support around lower demand levels, notably near $2,500, where it could stabilize.

If ETH holds this support, consolidation within a range could continue. Investors and traders closely watch these levels to gauge ETH’s next direction in this critical phase.

Featured image from Dall-E, chart from TradingView

• Ethereum started a decent increase above the $2,620 zone.
• The price is trading above $2,580 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $2,530 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to rise if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Climbs Slowly

Ethereum price formed a base above the $2,465 level and started a fresh increase like Bitcoin. ETH climbed above the $2,550 and $2,580 resistance levels to move into a positive zone.

The price is up over 5% and there was a move above the $2,620 level. A high is formed at $2,680 and the price is struggling to follow Bitcoin’s strength. The price corrected gains and traded below the 23.6% Fib retracement level of the upward move from the $2,488 swing low to the $2,680 high.

Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,530 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,650 level. The first major resistance is near the $2,680 level. The main resistance is now forming near $2,720. A clear move above the $2,720 resistance might send the price toward the $2,915 resistance.

An upside break above the $2,915 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,000 resistance zone.

Downside Correction In ETH?

If Ethereum fails to clear the $2,680 resistance, it could start a downside correction. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,560 zone or the 61.8% Fib retracement level of the upward move from the $2,488 swing low to the $2,680 high.

A clear move below the $2,600 support might push the price toward $2,550. Any more losses might send the price toward the $2,530 support level in the near term. The next key support sits at $2,450.

Technical Indicators

Hourly MACD �The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level �$2,600

Major Resistance Level �$2,680

If this support is sustained, according to Martinez, it shall serve as the catalyst in staging a rally to usher the cryptocurrency to the ambitious target of $6,000. However, things do not seem that smooth ahead as already some market observers and participants have opined that the existing support could break under pressure.

#Ethereum is testing a key support zone at $2,400. If this level holds, we might see $ETH aiming for the channel’s upper boundary near $6,000! pic.twitter.com/W8J8WVy5CL

�Ali (@ali_charts) October 26, 2024

Ethereum has begun forming a rising channel from July 2023. An ascending channel is a technical pattern in which two parallel trend lines represent the support and resistance level. Recently, the price of Ethereum stayed near the lower edge of this corridor. Martinez believes that Ethereum will rally from here, so everyone’s holding on tight.

Important Support And Resistance Zones

The ascending channel pattern does not occur by accident. It indicates the probable paths of Ethereum. The trend line acts as a resistance level in the channel, while the trend line at the bottom actually acts as a support level for the price to bounce. The move of Ethereum past $2,600 is also an important retest point that will act as a pivot for its new price target.

Martinez believes this is a good risk-reward opportunity for the investor and recommends placing stops at around $2,00 to $2,150. The idea behind these stop-losses is to limit the potential losses, but they also open up upside in case Ethereum moves higher towards the upper trendline.

This observation appears somewhat vague, as some analysts are expressing concerns about a potential breakdown at the $2,500 range. However, Martinez has not provided much insight into how this situation could still create favorable conditions for a rally to occur.

Indicators Look Positive: On-Chain Data

On-chain data shows 70% of Ethereum holders are profitable. Therefore, this positive attitude would be further supported in terms of the level of profitability that reduces the chances of big sellers. When there aren’t strong motives for selling, then an upward movement for Ethereum could easily be expected.

Meanwhile, the future estimates for Ethereum have room for growth. The current market predictions reveal that Ethereum is trading about 6.5% lower than the predicted target for next month, which also means the asset is underpriced.

More positive projections for the long term range from 173% possible returns in a year, according to figures by CoinCheckup. Such growth could probably give a push to Ethereum’s upward movement and form a firmer support base that may encourage price levels to stay high and stabilized.

Featured image from StormGain, chart from TradingView

Ethereum Exchange Reserve Has Seen A Plunge Recently

As explained by analyst Ali Martinez in a new post on X, the ETH investors have made net outflows from exchanges recently. The on-chain indicator of relevance here is the “Exchange Reserve,” which keeps track of the total amount of Ethereum sitting on the wallets associated with all centralized exchanges.

When the value of this metric goes up, investors will make net inflows into these platforms right now. As one of the main reasons holders deposit their coins in exchanges is for selling-related purposes, this trend can have bearish implications for the asset’s price.

On the other hand, the indicator registering a decline suggests a net amount of ETH is currently exiting the exchanges. Such a trend can indicate that the investors are accumulating, which can naturally prove to be bullish for the cryptocurrency.

Now, here is a chart that shows the trend in the Ethereum Exchange Reserve over the last few weeks:

As displayed in the above graph, the Ethereum Exchange Reserve has registered a huge drop during the last few days, which implies that investors have made large net withdrawals.

The holders have taken out more than 300,000 ETH from these platforms during the past week, which is worth almost $754 million at the current exchange rate.

Given the massive scale involved here, it’s likely that the whale entities were behind the outflows. Also, considering that the withdrawals have come after ETH’s stumble from its $2,700 high earlier in the month, these humongous investors may have made them buy at the lows.

Naturally, if this is true, Ethereum could benefit from a rebound from this plunge in the Exchange Reserve. The surge may also have begun, as ETH has now recovered above the $2,500 mark.

In some other news, as market intelligence platform IntoTheBlock has pointed out in an X post, the Ethereum Market Value to Realized Value (MVRV) Ratio is sitting at 1.2 right now.

The MVRV Ratio tells us how the value that Ethereum investors are currently holding compares against the amount that they initially put into the cryptocurrency.

The latest value of 1.2 suggests the average ETH holder is currently holding a profit. From the chart, it’s apparent that the asset has historically encountered tops when the MVRV Ratio has been at notably higher values, so it’s possible that the current profitability isn’t high enough for ETH to top out.

ETH Price

At the time of writing, Ethereum is trading at around $2,500, down 6% over the last seven days.

Last week alone, global crypto funds attracted $901 million in net inflows, pushing the total for the month to $3.4 billion.

Bitcoin Dominates Inflows As Ethereum Sees Outflows

According to CoinShares, out of the total fund flows recorded, Bitcoin-centric investment products captured the lion’s share of inflows, with $920 million in net additions over the past week.

US spot Bitcoin exchange-traded funds (ETFs) recorded $997.6 million in net inflows, led largely by BlackRock’s iShares Bitcoin Trust (IBIT).

Bitcoin’s dominance was notable, with blockchain equities and Solana-based products also seeing inflows of $12.2 million and $10.8 million, respectively.

However, other Bitcoin-based products, including those outside US markets, faced some net outflows. While Bitcoin maintained strong inflows, Ethereum-based funds recorded net outflows of $34.7 million last week, signaling a decrease in investor interest.

CoinShares reported that Ethereum’s price ratio to Bitcoin had fallen to its lowest point since April 2021, which could be contributing to this outflow trend.

The data suggests that while Ethereum has seen gains in the past, investors are now focusing more on Bitcoin, possibly anticipating future regulatory clarity and further mainstream adoption with developments like spot ETFs.

Regional Trends And Behind The Boom

Geographically, US-based crypto funds attracted a substantial $906 million in net inflows last week. In contrast, other regions saw mixed results, with funds based in Sweden, Canada, Brazil, and Hong Kong collectively experiencing $29.1 million in net outflows.

This difference highlights the United States’ growing role in shaping the global crypto investment market, especially as American firms like BlackRock and Fidelity expand their crypto offerings.

According to CoinShares’ Head of Research, James Butterfill reveals that the we political climate likely influences the recent Bitcoin price movements and increase in inflows. He noted that Republican gains in the polls correlate with increased interest in Bitcoin investments.

This suggests that market participants may see a shift in political power as favourable to digital assets, potentially driving anticipation of regulatory reforms or even greater crypto acceptance.

CoinShares report shows that the October influx represents roughly 12% of assets under management (AUM) in digital asset funds and marks the fourth-largest month for inflows on record. This brings the year-to-date total to $27 billion, almost tripling the previous high of $10.5 billion set in 2021.

Featured imahge created with DALL-E, Chart from TradingView

• Ethereum started a decent increase above the $2,600 zone.
• The price is trading above $2,550 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to rise if it clears the $2,630 and $2,650 resistance levels.

Ethereum Price Starts Steady Increase

Ethereum price formed a base above the $2,450 level and started a fresh increase like Bitcoin. ETH climbed above the $2,500 and $2,550 resistance levels to move into a positive zone.

The price is up over 5% and there was a move above the $2,600 level. A high is formed at $2,630 and the price is showing positive signs. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.

Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,520 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,630 level. The first major resistance is near the $2,650 level. The main resistance is now forming near $2,720. A clear move above the $2,720 resistance might send the price toward the $2,880 resistance.

An upside break above the $2,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,950 resistance zone.

Downside Correction In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,595 level. The first major support sits near the $2,550 zone or the 50% Fib retracement level of the upward move from the $2,487 swing low to the $2,630 high.

A clear move below the $2,550 support might push the price toward $2,520. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,320.

Technical Indicators

Hourly MACD �The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level �$2,550

Major Resistance Level �$2,650

Raydium Rallying But Traders Must Be Cautious

Taking to X, the analyst maintains that RAY will likely continue rallying as long as Pump.fun, the meme coin launchpad on Solana, is token-free. RAY is within a breakout pattern at spot rates, easing past March and July highs and printing a new 2024 high in the process.

As it is, not only did buyers force the token above these two major liquidation levels, but it impressively shook off the weakness of August and September, more than doubling from September lows in the process.

As crypto sentiment improves, the odds of RAY edging higher for the better part of Q4 2024 will only increase. For now, traders expect the “uptober” to benefit altcoins the most. If Bitcoin, Ethereum, and Solana prices tick higher, breaking key resistances in the coming sessions, other quality DeFi tokens, including RAY, will find major tailwinds.

Despite the confidence that Q4 of every trading year brings, Bitcoin has been moving sideways, struggling to breach $70,000. If there is an upswing, perhaps triggered by the outcome of the upcoming general election in the United States, RAY could extend gains in the process.

Will A Pump.fun Token Slow Down RAY Bulls?

The pace at which RAY expands, recouping losses of 2022, will also depend on other market factors, including meme coin activity on Solana.

Additionally, traders will determine whether Pump.fun will launch their native utility and governance token. This is crucial because liquid tokens, surpassing the 69 SOL market cap threshold, are automatically listed on Raydium.

Pump.fun is one of the most active platforms on Solana, aiding the minting of over 2.7 million meme coins on Solana. Due to this, the meme coin launchpad has generated over $152 million in fees, according at Dune Analytics. The eventual launch of a Pump.fun governance token will allow the platform to tap value, taking advantage of its valuation and virality.

The team revealed plans to launch their token and a trading bot in a recent Twitter Spaces. As positive as this may be, there is no specific timeline for the token’s launch.  

A Pump.fun token could attract liquidity away from RAY, possibly dampening the DEX’s growth despite the Pump.fun-Raydium current relationship, investors will find the meme coin launchpad’s token more attractive, especially if it serves a useful purpose and allows holders to participate in governance.