ETH Sits 'In The Middle Of Nothing' Heading Into The Back Half Of A Red October

• Ethereum is down almost 10% so far this month, on course for a third straight red October.
• Crypto analyst Michaël van de Poppe said ETH remains directionless in the near term but could turn bullish if it breaks key resistance levels.
• Analyst Ted Pillows warned that a weekly close below $2,450 could trigger another correction.

As Ethereum (ETH) slid nearly 10% this month and headed for its third straight red October, crypto analyst Michaël van de Poppe said on Sunday the token was "in the middle of nothing.”

The MNFund founder said that Ethereum still showed "a potential bullish divergence," but added that it "needs to break resistances in order to be actually approved." Until then, he sees the direction as open. "At this point, it's in the middle of nothing, and we could have both ends," he wrote. He was more upbeat on the longer view, saying that "on the higher timeframe," the "dips are generally for buying."

Ethereum’s Next Correction

Crypto analyst Ted Pillows was more cautious in the near term. "$ETH is looking weak here," he w

rote on X. Pillows said a weekly close below $2,450 looked likely and could lead to "one more correction." His chart marked about $2,357 as the first support level, with resistance near $2,802.

Like van de Poppe, he saw value for patient buyers. "But if you're thinking long-term, Ethereum is in a good accumulation zone," Pillows said.

Potential Third Red October In A Row

October has rarely been kind to Ethereum, with a median return of just 0.08%, according to CoinGlass data. The token is down 9.91% so far this month, after falling 7.02% last October and 3.4% in October 2024. A red finish would mark Ethereum's first three consecutive months losing streak since it started trading. 

This year's slide also followed a strong summer, when the token gained 32.53% in August and 8.77% in September. Even after this month's drop, Ethereum remains roughly 30% above its July close, based on CoinGlass monthly figures. 

Losing Ground To Bitcoin

Ethereum is falling behind Bitcoin, with the ETH/BTC pair sliding to near 0.0294 BTC, down 0.82% on the chart. While this ratio has bounced back from its lows in June and rallied through the summer, it topped out in September and has drifted lower in October, meaning that Ethereum has been underperforming Bitcoin recently.

Ethereum’s price was trading around $2,386, down over 1% in the past 24 hours. On Stocktwits, retail sentiment around ETH remained in the ‘extremely bearish’ zone over the past day. 

Bitcoin’s price was trading at $81,240, up 0.1% in the past 24 hours. On Stocktwits, retail sentiment around BTC dropped to ‘extremely bearish’ from the ‘bearish’ zone, over the past day. 

Read also: Wall Street Veteran Jordi Visser Ties Bitcoin's Next Leg Up To Big Tech Earnings

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