As Bitcoin’s (BTC) price rallied above $71k earlier today for the first time since June, Ethereum’s (ETH) price also registered an impressive growth in the last 24 hours. The large-cap altcoin, with a fully diluted valuation of about $315 billion and a daily average traded volume of around $23 billion, surged over 5 percent in the last 24 hours to trade about $2,618 on Tuesday, October 29, during the early European session.
Following the heightened volatility, nearly $40 million was liquidated from Ethereum’s leveraged market, with 81 percent involving short traders.
Ethereum Bulls Are Well Charged
From a technical analysis point of view, Ethereum’s price is consolidating at the apex of a weekly triangular pattern, signaling an imminent breakout on the horizon. Furthermore, Ether’s price has rebounded from a crucial rising logarithmic trend, which began earlier last year.
In the short term, Ether’s price must consistently close above the resistance of around $2,829 to validate a potential rally toward its all-time high. The Ethereum bull rally will ultimately materialize after the ETH/BTC pair reverses from the current falling trend, which began in early 2022.
On the Flipside
As Coinpedia previously noted, the Ethereum network has faced intense competition from Solana (SOL) in terms of on-chain activity and DeFi growth. The high demand for SOL by both retail and institutional investors has bolstered the SOL/ETH pair, which is already in the price discovery phase.
Last week, the Solana investment products attracted over $10 million in cash inflows while Ethereum registered a negative cash flow. In the past two weeks, the US spot Ether ETFs have registered over $25 million in cash outflows led by Grayscale’s ETHE.
Nonetheless, the Ethereum network is a major web3 ecosystem with more than $49 billion in total value locked (TVL) and over $84 billion in stablecoins market cap.
