Ethereum (ETH) price has struggled to find bullish momentum for several months, with the altcoin only up 1% in October compared to Bitcoin (BTC)’s 14% return.
A lack of interest from retail and institutional investors is also weighing on ETH prices, with the ETH ETF seeing inflows of $4.4 million on October 30, compared to $893 million for the BTC ETF. This is a 0.49% market share compared to direct competitors.
Comparison of spot Bitcoin and Ethereum ETF inflows. Source: X.com
However, the altcoin’s bear days may be numbered as technical analysts point out that Ether’s final decline is complete and better days are ahead.
ETH’s “final decline” was $2,500.
Independent trader Poseidon believes Ethereum has already experienced a “final decline” this past weekend. The altcoin fell to $2,382 but immediately recovered to above $2,500 within 48 hours. The trader said ETH recovered the 200-day EMA level within 8 hours and described the weekend decline as a “bear trap/deviation”.
Poseidon’s ETH/USD 8-hour analysis. Source: X.com
Poseidon added it
“If it stays above $2600 I will add more buy positions. I still believe this range will ultimately break out to the upside.”
According to the analysis, Ethereum is expected to see an 88% return on investment (ROI) at $2,500 and will hit new all-time highs soon.
Meanwhile, the ETH/BTC chart is also approaching a critical level as the ticker reaches its Point of Life Control (POC). Anonymous cryptocurrency analyst MaxBecauseBTC highlighted that the ETH/BTC chart is reaching the range where most trading has occurred since 2016. Therefore, this is a key support range where the price can undergo a sharp trend reversal.
ETH/BTC POC chart by MaxBecauseBTC. Source: X.com
Related: 3 Signs Ethereum Price Is Preparing to Rebound Towards $6,000
Ethereum chases 200-EMA reversal on daily chart
From a technical standpoint, Ether continues to move higher off the uptrend line support and is likely to retest the $2,550-$2,600 range. On the daily chart, the price is forming an ascending triangle, which is a bullish pattern.
With overhead resistance at $2,800, ETH’s immediate goal is to flip the 100-day and 200-day EMA levels, adding a bullish confluence to the price action.
Ethereum 1 day chart. Source: TradingView
The relative strength index (RSI) is also above 50 but remains below 70. This means that the asset is not overbought and there is sound control by buyers.
Prices may see less volatility over the next few days as the Bollinger Bands converge, but could immediately rise if ETH closes daily positions above $2,800.
Related Content: Ethereum Recovers 42% of Funds Leaked from Solana — DeFi Report
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.