Ethereum’s price recently faced resistance in its journey toward the $3,000 mark, struggling to secure $2,700 as a solid support floor. The recent price action saw unexpected selling pressure that prevented further gains, yet this offloading seems to be easing. 

With resistance levels now tested, ETH could see renewed buying momentum, suggesting a more favorable outlook in the coming weeks.

Ethereum Is Noting a Slowdown in Selling

Ethereum’s exchange net position change has been trending downwards since the beginning of the month, a positive sign for ETH’s potential rally. As the metric inches closer to the neutral line, this shift indicates that selling pressure is declining. If it flips below neutral, it would imply that buying is beginning to outpace selling, a bullish signal that may help Ethereum reclaim critical support levels.

A decline in exchange positions often reflects reduced selling pressure as traders opt to hold ETH rather than offload it. This sentiment shift would benefit Ethereum’s price trajectory, as reduced sell-side pressure can allow room for a surge.

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In terms of macro momentum, Ethereum’s mid-term holders (MTHs)—addresses holding ETH for between 1 and 12 months—have been notably active. As ETH’s price dipped this week, these MTHs moved approximately 700,000 ETH, valued at over $1.7 billion. 

Such movement by mid-term holders indicates market uncertainty, with this cohort often being more responsive to price shifts. Their recent activity highlights concerns about the potential downside, as large movements can signal hesitation among investors regarding ETH’s short-term stability.

The increased activity from mid-term holders introduces volatility, but it is countered by lower movement from other investor cohorts, which are showing reduced activity.

ETH Price Prediction: No Gains in Sight

Ethereum’s price, currently at $2,538, is striving to reclaim the nearby support at $2,546. Reaching and holding this level is crucial for Ethereum’s run toward the resistance at $2,698, which could pave the way for further gains. As selling pressure subsides, this level is likely within reach.

The overall indicators point to a positive outlook despite the volatility among mid-term holders, as other cohorts remain steady. To push toward $3,000, Ethereum would need to secure $2,698 as a strong support floor.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

Ethereum has been holding above a two-month-old uptrend line, reinforcing its overall bullish trajectory. Maintaining this level would keep ETH on a positive track, but a break below this trendline could lead to a drop to $2,344. Such a decline would challenge the bullish outlook, potentially leading to broader market uncertainty around Ethereum’s future price direction.

Cardano Network is poised to tap into $1.3 trillion in Bitcoin liquidity for its decentralized finance (DeFi) ecosystem through a new integration with BitcoinOS (BOS), a Bitcoin smart contract platform. As a result, the Cardano Bitcoin price may begin to move in the same direction.

This integration comes at a time when ADA and BTC prices show little to no correlation. The question remains: will this development alter the current state of affairs?

Cardano Taps into Bitcoin Liquidity

On October 24, BitcoinOS, a Bitcoin roll-up protocol, disclosed that its Grail bridge will go live on Cardano’s network.

“Cardano, the 11th largest blockchain by market cap, is integrating the BitcoinOS Grail Bridge to unleash decentralized programmability and scalability on Bitcoin!” BitcoinOS wrote on X.

This development means the Cardano ecosystem can now access Bitcoin’s liquidity, which is worth about  $1.33 trillion. It also enables ADA users to access Bitcoin securely and without intermediaries, further enhancing the decentralized nature of both networks.

In light of this development, market observers may wonder whether it will strengthen the ties around the Cardano Bitcoin price. Since July, Cardano’s price has declined by 32% against Bitcoin, highlighting that the leading cryptocurrency has been outperforming the token.

Read more: How to Mine Cardano and Earn More Coins

This is further supported by the 30-day correlation matrix from IntoTheBlock. The correlation matrix, or coefficient of correlation, ranges from -1 to +1, where values closer to -1 suggest that the prices of two cryptocurrencies rarely move together. 

Conversely, a coefficient near +1 indicates that prices typically move in the same direction. In the case of ADA and BTC, the correlation coefficient stands at 0.26, demonstrating that the two cryptocurrencies rarely trend together.

However, this recent development suggests that a shift could be on the horizon. Earlier today, Cardano’s founder, Charles Hoskinson, who has previously criticized Bitcoin, shared his thoughts on the matter.

According to Hoskinson, the BitcoinOS bridge would enable the Cardano network to assist Bitcoin in leveraging various aspects of DeFi.

ADA Price Prediction: Indicators Project Decline

Currently, Cardano’s price is $0.34, representing a 10% decline in the last 30 days. Bitcoin’s price, on the other hand, is up 7% within the same timeframe.

On the daily chart, the Chaikin Money Flow (CMF) has fallen into negative territory. The CMF is a technical oscillator that gauges the level of accumulation or distribution within the market. 

A rising CMF indicates strong accumulation, while a low reading suggests increased distribution. Given ADA’s current condition, the price could potentially drop to $0.31 in the short term. 

Read more: Cardano (ADA) Price Prediction 2024/2025/2030

In a highly bearish scenario, it might even fall to $0.28. However, if Bitcoin’s price rises to $70,000, this could trigger a recovery for ADA, possibly allowing it to climb to $0.41.

Bitcoin’s price has recently struggled to close above the $70,000 mark, a critical level needed to gain momentum toward its all-time high. Despite several attempts, BTC has been unable to maintain a solid footing above this barrier, which has slowed the bullish momentum. 

However, there are signs that larger holders may be stepping in, which could create the conditions for a renewed push.

Bitcoin Whales Are Driving the Optimism

According to recent data from Santiment, retail traders appear to be offloading Bitcoin, with whales seemingly capitalizing on the dip. This shift in trading behavior is significant, as it suggests that larger players are accumulating BTC while retail traders reduce their holdings. Wallets holding 100 or more BTC have grown by 1.9% over the past two weeks, signaling that whale accumulation is underway.

This uptick in large wallet addresses is a bullish indicator. When whales accumulate, it generally reflects confidence in the asset’s potential for future growth. 

“ As the largest key stakeholders in crypto continue to scoop up more coins from dumping retail traders, this historically leads to bullish outcomes,” stated Santiment.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

Bitcoin’s macro momentum is showing strong signs of support, particularly in terms of capital inflows. Net inflows into Bitcoin have accelerated, rising by 3.3%, or approximately $21.8 billion, over the past 30 days. This surge has pushed Bitcoin’s Realized Cap to a new all-time high of over $646 billion, indicating that substantial capital is entering the market.

The rise in Bitcoin’s Realized Cap demonstrates a growing liquidity base across the asset class. This influx of meaningful capital underpins BTC’s price increase, as larger inflows suggest sustained interest from both institutional and retail investors. The heightened liquidity provides a cushion against volatility, reducing the likelihood of sharp sell-offs and supporting the asset’s upward trajectory.

BTC Price Prediction: Aiming High

Bitcoin is currently trading at $67,553, with efforts to close above the $70,000 mark ongoing for the past ten days. Securing $68,248 as support is essential for BTC to move toward the next resistance at $71,367, a level that could determine the path to a new high.

The uptrend line has served as a consistent support, suggesting that a move to this resistance could unfold over the next few weeks. The whale accumulation pattern reinforces this bullish outlook, indicating that a rise in BTC’s price may be on the horizon, regardless of the timeframe.

Read more: Bitcoin Halving History: Everything You Need To Know

However, if Bitcoin loses the support of its uptrend line and slips below $65,292 due to macroeconomic factors or profit-taking, the bullish thesis would be invalidated. Such a drop could send Bitcoin to $61,868, marking a potential setback and creating further uncertainty around its price direction.