QCP: If Ethereum breaks through 2800 USD, it may rise above 3000 USD

ChainCatcher news, QCP released a daily report stating that Ethereum caught up with Bitcoin over the weekend, rising 2% during the low liquidity period on Sunday. Although ETH outperformed BTC last week (up 11% vs 9.6%), it still lagged behind BTC during "Uptober" (up 4% vs 8%).

BTC and ETH have not yet broken through the July highs, but they are approaching key resistance levels—$70,000 for BTC and $2,800 for ETH. A breakout above these levels could attract significant retail interest. With only 15 days left until the U.S. elections, the stock market is performing strongly, and market sentiment is optimistic, with risk reversals across various maturities turning towards call options. However, there are no major catalysts this week, so we expect the crypto market to fluctuate around these levels, attempting to break higher prices.

In terms of macro data, the only focus will be the Purchasing Managers' Index (PMI) data released on Thursday (October 24), as the market looks for signals on whether the Federal Reserve will continue its rate-cutting path. Given the unexpected rise of ETH over the weekend, we cannot rule out the possibility of further breakthroughs. If ETH breaks above $2,800, it could push above $3,000.