Ethereum Prints Big Weekly Breakout Over Long-Term Trendline: What's Going On?

Ethereum (CRYPTO: ETH) broke up from a long-term descending trendline on Oct. 25 and continued to trend higher over the days that followed to close the week up a whopping 20%. The break up from the trend line and subsequent surge higher is significant because it occurred on the weekly chart.

Timeline of Ethereum

Ethereum has been dominating the crypto market since the rally began. The digital asset had outperformed even bitcoin during this time, which saw a higher drive in its price compared to its larger counterparts.

When Ethereum was first launched in July 2015, all its transactions, smart contracts, and accounts were held through the Proof-of-work system. PoW adds new data and transactions to the blockchain but needs a miner to solve the complex cryptographic functions.

While the majority of the day was bearish for the crypto space, it is now flashing green and the market cap has risen by 0.62% and Bitcoin is up by 0.29% as well. As expected, Ethereum and other altcoins like BNB, Solana, and Chainlink are enjoying the bullish momentum too.

In other news that may affect markets, the U.S. Federal Reserve is set to announce its next interest hike on Wednesday. The post Ether ticks above $1,600 as crypto-related earnings take center stage appeared first on The Block.

Ethereum price analysis is bullish today as we expect another retest of the previous resistance later today. If the $1,650 mark holds, ETH/USD will likely reverse and look to decline further.

Contrary to popular belief, Ethereum (ETH) inventor Vitalik Buterin says that crypto doesn't necessarily need institutional adoption just yet. With many in the space hoping for institutional adoption, the crypto pioneer tells his 4.6 million Twitter followers that it may be better to let the industry mature more first.

Ethereum co-founder Vitalik Buterin believes that the cryptocurrency industry should not enthusiastically pursue huge institutional capital at full speed as it would bar the industry from operating independently.

The crypto markets have, once again, taken a turn for the worse. Bitcoin, Ethereum, Solana, Cardano, Binance, and others have fallen in value. Dogecoin, which soared by 105% when Elon Musk bought Twitter, is trading down too, after an 8% fall. Ethereum fell over 1% to $1589. The crypto market volume fell 18% to $73.

ETH might need more than the current active addresses momentum to maintain the price rise. If not, the number one altcoin might lose hold on the $1,600 region, and possibly squander the dominance it has held for months.

After a long wait, ETH's price action gave hope to investors. However, things did not look quite as promising for ETH in the derivatives market as its perpetual FTX open interest declined.