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Can Ethereum Continue to Outperform Bitcoin?
Ethereum continues to outperform Bitcoin in October. The recent decline in interest in the Ethereum network can be attributed to the increase in returns on lower-risk traditional assets.
While the Ethereum network has been operating as the largest liquid staking platform following its recent updates, the recent downward trend in annual returns and concerns about staking have led to a decline in investor interest. While a similar lack of demand has been seen on the institutional side, the ETH price remains weak in line with the overall market trend.
At this point, the downward trend has intensified more this time at the $1,550 support, which has been tested since August. The loss of $1,550 support, which corresponds to Fib 0.618 according to the last bottom and peak level, with the weekly closing, may accelerate the downward trend in cryptocurrency and trigger a movement towards the $1,390 region (Fib 0.786).
In a possible recovery, the range of $1,580 – $1,600 will be followed as the first resistance line. In order for the downtrend to reverse, regaining the $1,700 region and weekly closures above this region stand as the first condition.