As we approach the end of October, Bitcoin’s price is hovering above $115,000, while Ethereum surpasses $4,200. This month, dubbed “Uptober,” has yet to deliver the anticipated bullish atmosphere, despite reaching new all-time high levels. However, the charts were briefly flipped due to Trump’s unexpected move with China, though it was not a long-lasting reversal. What can we expect as we move forward?
Ethereum Updates
ETH, the largest altcoin by market value, has reclaimed the $4,000 mark as November approaches. A potential deal with China could push technology giants’ earnings reports upward, enhancing bullish momentum. Recent news reveals that BitMine acquired an additional 77,000 ETH this past week, expanding its total crypto and cash assets beyond $14.2 billion.
Holding 2.7% of the supply, the company is halfway to its goal of 5%. It aims to own 5% of the entire Ethereum supply, implementing Michael Saylor’s strategy, led by Tom Lee, for Ethereum.
Currently, the combined ETH reserve of seven companies has exceeded 4 million, as these firms rapidly increase their reserves since June. Meanwhile, Citi and Coinbase have formed a partnership for crypto services, hinting at an increasing number of financial giants entering the space by 2026.
Ethereum (ETH) Analysis
Efloud recently discussed long-term projections and the current outlook. Efloud closed 20% of his positions at the day’s peak, garnering a 12% gain, though initially intending to sell at $4,310, he preemptively closed short-term positions to avoid higher funding fees.
Alongside sharing a graph, the analyst commented: “The area with WO/MO intersection, even if not unpleasant initially, might lead to a pullback to the PWO segment in due time (it may not drop directly). In such a case, I would consider taking action by looking for confirmation near the PWO level.”
Long-term caution persists without a daily close above the 2021 ATH level, as previously noted. “Observing upward fractures and resistance gains in the ETHBTC pair is essential, impacting Ethereum’s performance against Bitcoin,” Efloud emphasized.
A beneficial agreement with China coupled with the end of the government shutdown and the approval of altcoin ETFs could bolster the November bull run. ETH maintains promise, yet the awaited breakout in the ETHBTC pair remains pending, potentially delaying the altcoin bull market.