Ethereum Is Likely to Fall in October
Ethereum (ETH) is rising by 6.9% to $2,625 this week, trailing behind Bitcoin's (BTC) stronger rally of 7.9%, which pushed BTC to $67,900. This underperformance is somewhat concerning, as Ethereum has only risen by 13.0% year-to-date in 2024, compared to Bitcoin's impressive 59.0% rally. Logically, ETH should be picking up pace, yet it is lagging, raising questions about its near-term prospects.
This underwhelming performance suggests that Ethereum may face headwinds, with a potential decline to $2,000 possible in October. The situation is further complicated by the peaking open interest in Ethereum futures, a signal that has often preceded corrections for the altcoin.
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