As Bitcoin’s (BTC) price rallied above $71k earlier today for the first time since June, Ethereum’s (ETH) price also registered an impressive growth in the last 24 hours. The large-cap altcoin, with a fully diluted valuation of about $315 billion and a daily average traded volume of around $23 billion, surged over 5 percent in the last 24 hours to trade about $2,618 on Tuesday, October 29, during the early European session.
Following the heightened volatility, nearly $40 million was liquidated from Ethereum’s leveraged market, with 81 percent involving short traders.
Ethereum Bulls Are Well Charged
From a technical analysis point of view, Ethereum’s price is consolidating at the apex of a weekly triangular pattern, signaling an imminent breakout on the horizon. Furthermore, Ether’s price has rebounded from a crucial rising logarithmic trend, which began earlier last year.
In the short term, Ether’s price must consistently close above the resistance of around $2,829 to validate a potential rally toward its all-time high. The Ethereum bull rally will ultimately materialize after the ETH/BTC pair reverses from the current falling trend, which began in early 2022.
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On the Flipside
As Coinpedia previously noted, the Ethereum network has faced intense competition from Solana (SOL) in terms of on-chain activity and DeFi growth. The high demand for SOL by both retail and institutional investors has bolstered the SOL/ETH pair, which is already in the price discovery phase.
Last week, the Solana investment products attracted over $10 million in cash inflows while Ethereum registered a negative cash flow. In the past two weeks, the US spot Ether ETFs have registered over $25 million in cash outflows led by Grayscale’s ETHE.
Nonetheless, the Ethereum network is a major web3 ecosystem with more than $49 billion in total value locked (TVL) and over $84 billion in stablecoins market cap.
Source: https://coinpedia.org/news/why-ethereum-price-is-surging-today-what-next-for-eth-price/