- Ethereum shows a slight recovery from its recent lows, hitting an intraday high of $2,557.
- The CMF indicates slight buying pressure, and the RSI of 57 shows a neutral to slightly bullish sentiment.
In the last 24 hours, the cryptocurrency market has shown neutral price movements, largely influenced by Bitcoin’s return to the $67.7K level. This stabilization has helped the overall market cap rise by 3.24%. However, Ethereum, the leading altcoin, has diverged from this trend, experiencing a price drop over the week.
Ethereum’s price increased by just 0.68% over the past day, trading at $2,541, although it faced downward pressure in earlier trading hours. The token saw an intra-day low of $2,462 before entering some positive momentum.
Despite other cryptocurrencies benefiting from the recent “uptober” rally, Ethereum has failed to join the upward trend, indicating a struggle to break through the $2.7K barrier.
On the other hand, Ethereum co-founder Vitalik Buterin has recently been active on social media, sharing updates. Earlier this week, he proposed solutions to reduce block production and stake centralization. His efforts during the “Scourge” phase aim to address the emerging technical and governance challenges facing Ethereum.
ETH/BTC Exchange Rate: A Sign of Weakness?
Analyzing the Ethereum price chart reveals minimal price movement over the past few weeks, with a 3.11% decline. Zooming out, ETH started the week with trading at around $2,700. However, the asset’s price gradually fell below $2,600 on October 24 and has since fluctuated between $2,570 and $2,470.
This reflects a broader bearish sentiment, especially as the ETH/BTC exchange rate recently fell below 0.037, marking its lowest since April 2021. This decline suggests that Ethereum is losing ground against Bitcoin, raising concerns about its short-term performance.
Technical indicators show a mixed sentiment for Ethereum. The Chaikin Money Flow (CMF) is at 0.02, hinting at slight buying pressure, while the Relative Strength Index (RSI) stands at 57, suggesting the asset is neither overbought nor oversold.
Looking ahead, if Ethereum can maintain trading above the $2.5K mark, there’s potential for a rally towards $2.6K and even $2.7K.
ETH is expected to trade $2,364 to $2,745 in the upcoming days.
