As Bitcoin hit a high above $71,000 for the first time since June, Ethereum also enjoyed a surge, climbing over 5% in 24 hours to trade at around $2,618 on October 29. With a fully diluted valuation around $315 billion and an average daily trading volume of $23 billion, <a href="https://www.cryptoknowmics.com/news/ethereum-poised-for-potential-breakout-amid-election-liquidity-surge/">Ethereum</a> has caught the attention of investors, contributing to nearly $40 million in liquidations in the leveraged market. Notably, 81% of these liquidations involved short trades, highlighting intensified bullish momentum.
<h2>Technical Indicators Signal a Possible Breakout</h2>
From a technical analysis perspective, Ethereum is positioned at the peak of a weekly triangular pattern, which may lead to a significant breakout. Ethereum's recent rally also aligns with its rebound from a long-standing rising logarithmic trend that started last year. However, for a full-scale bull run to continue, Ethereum must consistently close above the critical resistance level of $2,829. Such a breakthrough could set the stage for Ethereum to challenge its all-time highs, especially if the ETH/BTC pair reverses its downtrend from early 2022.

[embed]https://twitter.com/AltstreetBet/status/1851090661606305846[/embed]
<h3>Competing with Solana Amid Investor Interest</h3>
Ethereum’s growth hasn’t come without challenges. Competition from Solana is intensifying, particularly in the areas of on-chain activity and DeFi adoption. In recent weeks, Solana saw over $10 million in investment inflows, while Ethereum experienced $25 million in outflows, largely led by Grayscale’s ETHE. However, Ethereum remains a major player, supporting over $49 billion in total value locked (TVL) and an $84 billion market cap in stablecoins.

As both assets gain momentum, Ethereum’s next move could define its long-term standing in the ever-evolving crypto market.

<em><strong>Disclaimer: </strong></em>The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ethereum Surges Above $2,600 Amid Bitcoin Rally and Increased Volatility

Ethereum hits $2,618 amid Bitcoin rally, signaling bullish potential. Solana competition rises, but Ethereum holds strong with $49B TVL.

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Ethereum Surges Above $2,600 Amid Bitcoin Rally and Increased Volatility

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