ETH Poised to Surge to $6,000 Despite Weak Performance

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6 months ago bitnews

Ethereum’s native token, Ether (ETH), is poised to experience its first October loss since 2018, dropping 5.4% to $2,475 as of Oct. 27. This decline is largely due to mounting competition from newer smart contract platforms like Solana (SOL) and lukewarm market reactions to Ethereum-based spot ETFs. Indicators Suggest Ether May Rebound Toward $6,000 Despite recent losses, several indicators point to a potential recovery for Ether. The token currently holds above a crucial support level around $2,400, which aligns with the lower trendline of ETH’s multimonth ascending channel. Historically, this pattern has triggered sharp price rebounds, including a 160% surge