TechFlow reports on October 22 that QCP released its daily report stating Ethereum caught up with Bitcoin over the weekend, rising 2% during Sunday's low liquidity period. Although ETH outperformed BTC last week (up 11% vs 9.6%), it has still lagged behind BTC during "Uptober" (up 4% vs 8%). Neither BTC nor ETH has broken above their July highs yet, but they are approaching key resistance levels—$70,000 for BTC and $2,800 for ETH. A breakout above these levels could attract significant retail attention. With only 15 days remaining until the U.S. election, equity markets are performing strongly and sentiment is optimistic, with risk reversals across all tenors shifting toward call options. However, there are no major catalysts this week, so we expect the crypto market to fluctuate around these levels, attempting to push higher. On the macro front, the Purchasing Managers' Index (PMI) data released on Thursday (October 24) will be the sole focus, as the market looks to it for signals on whether the Fed will continue its rate cut path. Given ETH’s unexpected rise over the weekend, we cannot rule out further upside potential. If ETH breaks above $2,800, it could rise toward $3,000 or higher.
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