Since the beginning of the month, Ethereum has fallen by 5.4%, but according to Cointelegraph analyst Yashu Gola, the cryptocurrency shows signs of a potential reversal and could recover to $6000.
In his view, Ethereum’s weak performance in October is due to the increasing competition from new smart contract platforms like Solana, as well as the market’s lukewarm reaction to the launch of spot ETH ETFs. Nevertheless, Ethereum maintains an important support level around $2400.
“This price level coincides with the lower boundary of a long-term upward channel, which has often preceded sharp price increases. For example, from October 2023 to March 2024, we saw a rebound of over 160%,” explained the analyst.
Gola added that in the coming months, provided that the support level holds, the price could reach the upper boundary of the channel — $6000.
Coinbase'den 1,3 Milyar Dolarlık Ethereum Çıkışı—Kurumsal Alım İşareti Mi?
— Burak Kesmeci (@burak_kesmeci) October 25, 2024
Coinbase'de son 3 ayın en büyük ikinci Ethereum çıkışı gerçekleşti: Tam 543 bin ETH, yalnızca bir saat içinde borsadan çıktı. 1,3 milyar doları aşan bir çıkıştan bahsediyoruz.
Oluşturduğum "Potential… pic.twitter.com/en5hXpDqkO
Signs of Institutional Interest
CryptoQuant analyst Burak Kesmedji noted that on October 25, an unknown investor withdrew approximately 543,000 ETH (about $1.3 billion) from Coinbase, which could indicate increased institutional interest. A similar withdrawal of ~681,000 ETH was recorded in August.
Gola clarified that such volumes often point to long-term plans by holders and could signal bullish sentiment.
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