Coinspeaker Ethereum (ETH) Price Lacks High Impact News to Catalyze Bullish Outlook Akin to Bitcoin Today
As Bitcoin BTC $72 245 24h volatility: 1.5% Market cap: $1.43 T Vol. 24h: $46.43 B price rallied over 5 percent in the past 24 hours to almost retest its all-time high, Ethereum ETH $2 674 24h volatility: 1.6% Market cap: $322.09 B Vol. 24h: $22.65 B price continued to range in a consolidation pattern, 45 percent away from its ATH. The large-cap altcoin, with a fully diluted valuation of more than $322 billion and a daily average traded volume of over $22 billion, remains the most popular altcoin despite the notable competition from other layer-one blockchains.
From a technical analysis point of view, Ether price has already rebounded from a crucial rising trend, which began in mid-2022. As a result, Ether’s price only needs to consistently close above the liquidity range between $2,775 and $2,825 to validate the anticipated rally towards the ATH.
Moreover, the daily Relative Strength Index (RSI) has been forming a bullish divergence amid a potential head and shoulders (H&S) pattern. Additionally, the ETH/BTC pair has reached a crucial support trend line after being trapped in a bearish market for the past three years.
With Bitcoin dominance expected to reverse soon, after hitting a psychological resistance level of around 60 percent, the highly anticipated alt season will kick start in the coming months, potentially peaking in early 2025.
#Ethereum $ETH has held the $2,400 support level and now might target the channel's upper boundary around $6,000! https://t.co/JecnkOercu pic.twitter.com/R3tss1tFLa
— Ali (@ali_charts) October 29, 2024
Ethereum Price Breakout Is Imminent
Although Ethereum’s price has lagged behind the performance of Bitcoin in the past few days, its bullish breakout will eventually happen in the near term. Furthermore, the Ethereum network remains the undisputed leader in the Web3 space, with a total value locked (TVL) of more than $50 billion and a stablecoins market cap of over $83 billion.
However, the Ethereum network faces intense competition from emerging layer one blockchain led by Solana SOL $176.7 24h volatility: 2.5% Market cap: $83.17 B Vol. 24h: $4.19 B , Tron TRX $0.17 24h volatility: 2.0% Market cap: $14.50 B Vol. 24h: $524.62 M , and BSC, among others. Most of the Web3-focused blockchains have tapped into the meme coin space to improve their respective on-chain activities.
For instance, the Solana network only has a TVL of about $6.3 billion and a stablecoins market cap of around $3.7 billion but has 20 times more active daily addresses than Ethereum. Nevertheless, Ethereum’s co-founder has remained optimistic about the network’s future growth and prospects, especially amid the mainstream adoption of digital assets and Web3 protocols.
Meanwhile, BlackRock’s ETHA has continued to lead other spot Ether ETF issuers in cash inflows. On Tuesday, BlackRock’s ETHA registered a net cash inflow of nearly $14 million and currently holds $1.18 billion in assets under management (AUM).
In the near term, Ethereum price is expected to register heightened volatility ahead of next week’s U.S. 2024 elections and anticipated Fed rate cut. Moreover, Ether price has successfully retested the macro bullish breakout from the 2022/2023 bear market.
next
Ethereum (ETH) Price Lacks High Impact News to Catalyze Bullish Outlook Akin to Bitcoin Today
