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Cointelegraph analyst Yashu Gola believes that Ethereum ETH $2,435.77 Ethereum -2.07% Market capitalization $293.95 billion VOL. 24 hours $0.76 billion is showing signs of readiness for growth and could reach $ 6000. After the leading altcoin’s 5.4% drop in October, the cryptocurrency held an important support level around $ 2400, which corresponds to the lower boundary of a multi-month upward channel. Taking into account technical indicators such as the Relative Strength Index (RSI), the expert suggests that the rate may recover, similar to the previous 160% growth in 2023−2024.
Institutional interest in Ethereum is also increasing: according to <a href="https://cryptoquant.com/insights/quicktake/671beaa71336e76f6a850078-A-13-Billion-Ethereum-Outflow-from-Coinbase-Signs-of-Institutional-Interest«>data from CryptoQuant, 543,000 ETH worth more than $ 1.3 billion were withdrawn from the Coinbase exchange on October 25. Such actions usually indicate strategic long-term storage of an asset, which is often accompanied by optimistic market sentiment.
Market fluctuations of its main competitors, such as Solana SOL $103.38 Solana -1.85% Market capitalization $60.39 billion VOL. 24 hours $0.39 billion , may give an additional impetus to ETH growth. At the same time, analysts point to signs of oversaturation of the SOL market relative to ETH, which could lead to a correction in Solana’s price, contributing to capital outflows in favor of Ethereum.