“Breaking barriers and fueling excitement, Ethereum’s price rally surges forward, threatening to outshine Bitcoin as it dominates the crypto sphere this week.”
Ethereum (ETH) has been making headlines recently, with its price reaching new highs and attracting the attention of large institutional investors. On October 22, 2023, ETH price broke above $1,645, its highest level since the Middle East crisis escalated two weeks ago.
According to on-chain data, US-based crypto whales trading on Coinbase Pro have been increasing their buying interest in ETH, reaching a 100-day peak. This shift in focus from Bitcoin to Ethereum indicates that investors are diversifying their portfolios and channeling their gains towards altcoins.
Technical indicators also suggest that ETH price could outperform BTC in the coming days. The Coinbase Premium Index, which compares the prices of Ethereum on Binance and Coinbase, broke into unusually high positive values on October 20, reaching a 100-day peak of 0.067%. This indicates that ETH price on Coinbase has exceeded prices on Binance, a significant development for the altcoin market.
The last time ETH price on Coinbase exceeded Binance prices by this margin was on July 13, following Ripple’s victory over the SEC. Within 48 hours, ETH price rose by 6% from $1,830 to $1,940. This suggests that a similar price surge could occur now that institutional investors are increasing their buying pressure on ETH.
Looking at the technical analysis, Ethereum is currently trading at $1,630, with a growing bullish momentum. The immediate resistance level is at $1,751, and a breakout above this level could open the path for further gains. The next higher resistance is seen at around $1,850, which has historical significance and could trigger a strong bullish move if broken.
In the case of a bearish reversal, strategic traders would keep an eye on the Pivot Low of $1,521 for initial support. Below that, a stronger support level is expected around $1,450, which is also a key psychological level.
Overall, the current market conditions and investor interest indicate that Ethereum has the potential for further gains. As large crypto investors switch their focus from BTC to ETH, the altcoin market is likely to experience significant growth.