Recently, big institutional investors have increasingly switched their attention from Bitcoin to Ethereum (ETH). Technical signs suggest that in the coming days, the price surge of ETH might surpass that of BTC.
On Sunday, October 22, 2023, the price of Ethereum (ETH) rose beyond $1,645—the highest since the Middle East conflict intensified two weeks prior. Technical indicators indicate significant price resistance levels, while on-chain data indicates that big institutional investors have recently steadily switched their attention from Bitcoin to ETH.
Big Crypto Investors Are Now More Interested in ETH Than BTC
Around October 7, as the Middle East situation intensified, the price of Ethereum and the whole cryptocurrency market fell precipitously.
Will Ethereum (ETH) Outshine Bitcoin in the Upcoming Week?,Will Ethereum (ETH) Outshine Bitcoin in the Upcoming Week?
Investors poured a significant amount of their capital inflows into Bitcoin in order to fuel a market rebound and protect themselves from the impending economic slump. In actuality, the price of Bitcoin surged 13% swiftly to regain $30,000, trailing other mega-cap cryptocurrencies like Litecoin (LTC), XRP, and ETH.
However, crypto whales are starting to diversify and direct their BTC profits into the altcoin market following weeks of industry-wide consolidation and recovery. According to on-chain data sources, the price of Ethereum may be among the largest beneficiaries of this new trend.
The Coinbase Premium Index graphic from CryptoQuant displays the percentage difference between Ethereum’s pricing on Coinbase and Binance.
Forecast for Ethereum Prices: $1,700 is the Next Goal
At $1,630, Ethereum (ETH) is presently trading, and the technical analysis on a daily basis points to a developing positive momentum.
The pivot high, which is currently at $1,751, is the immediate resistance level. Resistance may be encountered by Ethereum at this point if the positive trend persists. A clear break over this mark may pave the way for more gains.
If there is a big bullish run, $1,850 is likely to be the next higher resistance level. If violated, this level has historical importance and might set off a powerful bullish rally.
Ethereum appears to be well-positioned for further gains given the present positive momentum. However, intelligent traders would monitor the Pivot Low of $1,521 for first support in the event of a sharp bearish reversal.
The price of Ethereum may find a more robust support level below it, at a crucial psychological level of $1,450.
Will Ethereum (ETH) Outshine Bitcoin in the Upcoming Week?,Will Ethereum (ETH) Outshine Bitcoin in the Upcoming Week?,Will Ethereum (ETH) Outshine Bitcoin in the Upcoming Week?, Ethereum coin Crypto news, Ethereum coin News