On October 22, QCP released a daily report stating that ETH caught up with BTC on the weekend, rising 2% during the low liquidity period on Sunday. Although ETH outperformed BTC last week (up 11% vs 9.6%), it still lags behind BTC during the "Uptober" period (up 4% vs 8%).
BTC and ETH have not yet broken through their July highs, but they are approaching key resistance levels - BTC's $70,000 and ETH's $2,800. Breaking these levels could attract a lot of retail attention.
With the US election just 15 days away, the stock market is performing strongly, and market sentiment is optimistic, with risk reversals across all tenors turning bullish. However, without any major catalysts this week, we expect the crypto market to fluctuate around these levels, attempting to break through to higher prices.
On the macroeconomic data front, the Purchasing Managers' Index (PMI) data to be released on Thursday (October 24) is the only focus, and the market will look for signals on whether the Fed will continue its rate cut path. Given the unexpected rise in ETH over the weekend, we cannot rule out the possibility of further breakthroughs. If ETH breaks above $2,800, it could push up to over $3,000.
