QCP: The cryptocurrency market is overall bullish, if ETH breaks through $2800, it may further challenge the major threshold of $3000

QCP pointed out in its market analysis that ETH rose by 2% during the low liquidity period last Sunday. Although ETH performed better than BTC last week (up 11% vs 9.6%), it still lagged behind BTC in October this year (up 4% vs 8%). 

BTC and ETH have not yet broken through the highs of July, but are approaching key resistance levels of $70,000 and $2800 respectively. Breaking these levels could attract a lot of retail attention. With only 15 days left until the US election, the stock market looks strong and is definitely bullish as all Risk Reversals favor an upward trend.

However, due to no major catalysts this week, it is expected that BTC and ETH will hover around these levels and try to break higher. In terms of macro data, there's only PMI data on Thursday (October 24th). If the Fed continues to cut interest rates, the market will seek some comfort. Given ETH's unexpected rebound last weekend, we cannot rule out another breakthrough possibility for it. If ETH breaks through $2800, it will further challenge the major threshold of $3000.