The ‘Uptober’ pump was expected to throw crypto tokens into a bullish trend, but the month has only brought notable disappointment.
Traders are left dumping dead weight, while clinging to some hope that the real-value altcoins will return some profits.
Ethereum is one such altcoin, and the positivity around the ETH token could bring it to an uptrend. There may be some time for an October surge, and the Ethereum bulls are positioning for that.
More on the ETH market updates.
Ethereum ETFs: How Do They Influence ETH Price?
For starters, an Ethereum price spike in the coming weeks will probably come from the project’s ETFs. ETH enjoyed a stellar summer, and inflows to its ETFs were instrumental to driving the token price towards its ATH.
The ETFs have tanked considerably since August, experiencing significant outflows that peaked with October’s market crash. But with the growing optimism around Ethereum, institutional traders have started to buy into the project through the ETFs.
This was why the Ethereum ETFs were created in the first place. With input from institutions like the Wall Street giants, crypto tokens like Ethereum will almost never have prolonged dips.
Ethereum Price: What Are Analysts Saying?
The institutional traders have injected about $141 million into Ethereum ETFs, amid its pullback from $4,100 on Tuesday. With Bitcoin traders following the trend, traders and analysts have started to lean towards a bullish outcome for Ethereum.
Johnny on X expects a rebound for ETH, up to $6,000, as he concedes that it’s ‘hard to be bearish’ on Ethereum. Another analyst, EtherWizz, states that there’s no reason to be bearish ‘as long as Ethereum holds [its current] resistance.’
The ETH indicators, on the other hand, are mixed for now. The Relative Strength Index is neutral, while the MACD is hinting at an impending sell pressure. Ethereum might dip up to $3,700 before rising to its new $4,000 high.
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