Ethereum Price Prediction: What's Next as ETH Stops at $2700?

  • ETH has been struggling around the $2,700 mark after its recovery in October.

  • Options markets are pricing in a lower chance of ETH hitting $3,000 before the US elections.

Ethereum [ETH] has returned to the $2,600 mark after reversing losses in the first half of October. The largest altcoin recorded a recovery of around 12% after jumping from $2,300 to above $2,600.

At the time of writing, ETH is valued at $2,614 but has hit a major hurdle below the $2,700 mark.

Ethereum Price Prediction

Dự đoán giá Ethereum

Source: ETH/USDT, TradingView

Since October 9, ETH has seen an increase in capital inflows, as shown by the rising Chaikin Money Flow indicator. However, the indicator has declined slightly over the past two days, suggesting that the capital inflows are fading a bit.

This could slow down ETH's strong move past the resistance and supply zone (marked in red), which also acts as an oversold area. This supply zone is also the point of convergence with the resistance of the resistance (white line).

This means that the hurdle could trigger a price rejection towards the 50-day EMA (Exponential Moving Average) at $2,500 (blue line).

However, ETH could attempt to overcome the hurdle if Bitcoin [BTC] extends its bullish momentum above $68,000. In that case, ETH could add 8% if it reaches $2,900.

Options data suggests…

Dự đoán giá ETH

Source: Deribit

However, according to options data from Deribit, ETH may not have a strong breakout in October. The options market is less optimistic about the possibility of ETH surpassing the $3,000 mark before the end of the month, with only a 6% chance.

Conversely, the probability of ETH hitting $3,000 was 21% on October 8, right after the US election.

In other words, a strong ETH move above $3,000 may only happen after the US elections, when the next administration will decide on DeFi regulations.

Meanwhile, this week's 8% surge has seen over 220,000 ETH in total open interest on Binance.

While this shows bullish bets, with rising prices and increasing spot demand (CVD), it does not say anything about the future price trend for ETH.

But high leverage means high liquidation risk, especially if ETH price pulls lower and falls further.

Therefore, the support at $2,300, the 50-day EMA, and the resistance zone could be the key levels of interest in the short term.

Dự đoán giá Ethereum

Source: TradingView

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