Ethereum Price Eyes Breakout as Larry Fink Predicts Dramatic Growth

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As Bitcoin’s (BTC) price retested the crucial resistance level around $66.4k in the past 24 hours, Ethereum’s (ETH) price followed in tandem to reach a range high of about $2,638. The large-cap altcoin, with a fully diluted valuation of about $314 billion and a daily average traded volume of around $20 billion, pumped over 3 percent in the past 24 hours to trade around $2,610 on Tuesday, during the early European session.

Ethereum Bulls Attempts Market Reversal

Ethereum price has faced a major uphill in the recent past fueled by a notable selloff from institutional investors amid low demand. The US spot Ether ETFs have registered a net cash outflow of over $541 million since the maiden approval by the US SEC. 

A H&S bottom is forming in $ETH pic.twitter.com/AxByrfHvVA

— Peter Brandt (@PeterLBrandt) October 14, 2024

However, market trader Peter Brandt believes that Ether’s price against the US dollar is on the cusp of a bullish breakout soon. Brandt highlighted that Ether price has been forming an inverted head and shoulders (H&S) pattern, after being trapped in a correction mode below $3k for the past seven months.

Already, the ETH/BTC pair has established a major support level around 0.038, after forming a potential double bottom, coupled with a rising bullish divergence on the Relative Strength Index (RSI).

Contrasting Wall Street Opinions

The approval of spot Ether ETFs in different jurisdictions over the years has attracted significant scrutiny on Ethereum’s ecosystem and performance over the years. 

According to BlackRock CEO Larry Fink, the Ethereum network will grow dramatically over the years fueled by rising liquidity and transparency. As of this report, the Ether network leads in Tao gap value locked and stablecoins market cap.

Ethereum is in deep trouble

UNI moving off-chain is only the final nail in the coffin, all apps are moving to competing L1s & L2s instead

Collapsing ETH revenue, UNI was ETH's biggest fee-paying customer!

Now ETH is being left behind, irrelevant & broken; Ethereum is cooked