Ethereum's Fate Tied to $2,800 Breakout This October

Ethereum's price has been stalling below $2,700 for the past week, causing concern among investors. According to prominent crypto analyst Ted Pillows, the next key price level to watch is $2,800.

The bulls have an urgent task ahead: break above this critical resistance level if they want to keep control of the market. A sustained move above it will allow the bulls to aim for higher prices, but a failure can open the door to a sharp price correction.

Ethereum is currently trading around $2,620 at press time. The 100-day Simple Moving Average (SMA) hovers around $2,780, while the exponential moving average sits around $2,560. If the bears score a breakthrough, the next price levels to watch are $2,547, $1,965, and $1,713.

October has historically been a bullish month for cryptocurrencies, but last October was marked by significant derivatives liquidations, forcing an early end to the 2024-2025 bull market worth more than $15 billion. This year's October is not off to a great start, with major cryptocurrencies trading sideways or inching down.