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.

Read more: How to Invest in Ethereum ETFs?

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.

Injective (INJ) may soon join the Artificial Superintelligence Alliance (ASI) group, which comprises Fetch.ai, SingularityNET, and Ocean Protocol.

It comes amid plans to integrate Injective with Fetch.ai to facilitate cross-chain transfers.

Injective and Fetch.ai Integrate For Cross-Chain Transfers

The integration comes after the Fetch.ai community unanimously voted to substitute the inter-blockchain communication (IBC) blockchain interoperability protocol light client for Injective. This move will enable seamless cross-chain transfers between the Fetch.ai mainnet and Injective.

“This upgrade will enhance interoperability, making it easier to transfer assets between networks and strengthening ecosystem integration. In addition to expanding DeFi opportunities, this proposal highlights the stability and strong governance of our community,” one Web3 enthusiast MDCrypto on X noted.

The community also approved a software upgrade proposal for a CUDOS network merger due on October 27. This means that CUDOS will join the Artificial Superintelligence Alliance (FET) on Sunday.

“Both proposals have 100% approval and reached quorum 40 hours after submission,” Fetch.ai noted.

Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?

With this unanimity threshold, the decision reportedly marks the highest overwhelmingly supported proposals ever. BeInCrypto reported about this possibility in September, with the alliance due to gain decentralized computing from CUDOS. This will enhance AI efficiency while reducing vulnerabilities.

Additionally, the Injective network corroborated the report about an expected Fetch.ai integration. It indicated that “the official on-chain governance proposal to integrate Fetch and Injective is now live.” Further, the post also alluded to this integration going slightly beyond cross-chain transfers, with INJ tokens likely to join the ASI token alliance as well.

In hindsight, Fetch.ai and Singularity.NET jointly set the foundation for the Artificial Superintelligence Alliance with a $153 million investment in GPU hardware earlier in the year. The alliance’s mission is to provide the computational power required for large-scale AI and machine learning applications.

Bringing Cudos’ global distributed computing network to the mix would introduce more contemporary AI GPUs. As for the potential enlisting of INJ, Injective can deliver an active and efficient trading platform for activities related to artificial intelligence (AI) technologies and other emerging sectors. This could include trading AI-based assets, tokens, or derivatives that represent different aspects of the AI industry.

Read More: How Will Artificial Intelligence (AI) Transform Crypto?

Amidst these developments, BeInCrypto data shows that the INJ token is up by a modest 0.62% on this news, to trade for $20.20 as of this writing.