Ethereum (ETH) Suffers Its Worst October in 8 Years: Is More Pain Ahead?

One analyst thinks ETH could reverse to the $1,850-$1,920 support area. September was strong for the second-largest cryptocurrency, posting nearly a 9% gain, and overall expectations were that October would continue the positive streak. However, this month (historically quite bullish) has so far disappointed, with ETH plunging about 13%. Some analysts believe the asset could decline further in the short term, and waning institutional interest appears to support that outlook. Will the $2K Wall Hold? Ethereum’s average return for October is +4.14%, yet this month is on track to become one of the rare red exceptions. If the period ultimately closes in negative territory, it would snap the asset’s winning streak and prevent it from recording four consecutive months of gains. ETH Monthly Gains, Source: CoinGlass As of this writing, ETH trades around $2,330 (per CoinGecko), down 4.3% in a week. Analyst Alaoui Capital thinks the cryptocurrency is approaching “a make-or-break zone” and risks dropping below the $2,000 psychological level into the $1,850-$1,920 support area. “If price sweeps into this zone and gets a strong rejection, we could see a relief bounce that catches the bears off g...