Ethereum is now testing a key support level that last helped it rebound by over 160%. Multiple factors support this bullish fractal.
Ether (ETH), Ethereum’s native token, is on track to post its first October loss since 2018, having fallen 5.40% month-to-date to reach $2,475 on Oct. 27.
ETH/USD daily price chart. Source: TradingView
The decline is driven by intensifying competition from newer smart contract platforms like Solana (SOL) and the tepid market response to Ethereum-based spot ETFs.
