Between October 14 and 20, Ethereum’s price increased by 11%, outpacing Bitcoin’s 9.6% gain. However, in the broader context of Uptober, Ethereum lags behind, showing a 4% rise compared to Bitcoin’s 8%. Analysts at QCP Capital predict that Ethereum could surpass the key resistance level at $2,800 and reach $3,000.

4/ Read the full analysis here: https://t.co/gNhw4giQWX
— QCP (@QCPgroup) October 22, 2024

The analysts point to the upcoming US elections, just 15 days away, as a contributing factor to this scenario. The stock market remains stable, while call options dominate in the derivatives market, reinforcing expectations of further price growth.

Experts anticipate Ethereum’s price consolidating near current levels, with potential attempts to continue the rally. A significant event will be the release of the US manufacturing PMI index on October 24. This report could provide the market with clues about the Federal Reserve’s plans regarding interest rate cuts.

Notably, BlackRock CEO Larry Fink has stated that Bitcoin will continue to grow regardless of the outcome of the US elections.