QCP: The overall crypto market is bullish. If ETH breaks through $2,800, it may further hit the $3,000 mark

Odaily News QCP noted in its market analysis that ETH rose 2% during the low liquidity period last Sunday. Although ETH outperformed BTC last week (up 11% vs. 9.6%), it still underperformed BTC this October (up 4% vs. 8%). Neither BTC nor ETH has yet broken through the July highs, but is approaching the key $70,000 and $2,800 resistance levels. A breakout of these levels could attract a lot of retail attention. With only 15 days until the US election, the stock market looks strong and the market is certainly bullish as Risk Reversals for all maturities favor bullishness. However, with no major catalysts this week, BTC and ETH are expected to hover around these levels and try to break higher. In terms of macro data, there is only PMI data on Thursday (October 24), and the market will seek some comfort if the Fed continues on the path of rate cuts. Given ETH's unexpected rebound last weekend, the possibility of another breakout cannot be ruled out. If ETH breaks through $2,800, it will further hit the $3,000 mark.