Throughout the whole month of October, Ethereum's price continued to dominate that of Bitcoin and the rest of the cryptocurrency market.
What caused the fall ?
As ETH (1) address activity drops, analysts at crypto intelligence platform Santiment (2) think Ethereum's hegemony is ending. Despite its waning popularity, analysts continue to be positive on Ethereum's valuation and have set a $10,000 goal for the alternative coin. The idea of Ethereum "flipping" Bitcoin is one in which ETH has a larger market cap than BTC.
This story gained traction as Ethereum's market share increased, and became more well-known following the switch from proof-of-work to proof-of-stake consensus. The price domination of Ethereum continues in October. This month, Ethereum, the second-largest cryptocurrency by market value, saw a significant breakout. Over the last week, holders of ETH saw gains of 24%, and the cryptocurrency recovered its losses from earlier in this cycle during the weak market.
What's the present situation?
The price of ethereum increased over the important $1,400 mark and continued to rise, reaching a monthly high of $1,645 on October 29. The altcoin's surge has been linked to its increasing dominance, holders of ETH's positive attitude, and deflationary characteristics. According to statistics from cryptocurrency intelligence tracker Santiment, Ethereum maintained its price advantage over Bitcoin and most other cryptocurrencies during October. Even though the altcoin's dominance is winding down, it remains at 18.3%. Many new ETH addresses were established as the price of Ethereum broke out beyond the $1,400 mark.
An asset's price surge is thought to be fueled by an increase in address activity. So, according to Santiment experts, a rise in Ethereum's address activity might spur an uptick in the altcoin's price. The ETH/USDT price chart (3) was examined, and new ranges were established.
What should be expected next?
Analysts are still positive about the Ethereum price increase. Ethereum's price changed from resistance to support, making $1,516 the new range low, $1,650 the new range midpoint, and $1,783 the new range high. Therefore, a break of the range high and confirmation of the uptrend might indicate a continuation of the altcoin's ascent. A Twitter analyst using the alias SmartContracter is still positive about Ethereum's price rise to the long-term bullish aim of $10,000.