Asia Color

ETH played catch up to BTC over the weekend, as it rallied 2% during low liquidity hours on Sunday. Even though ETH outperformed BTC last week (11% gain vs 9.6%), it’s still lagging behind BTC this Uptober (4% vs 8%). 

Both BTC and ETH have yet to clear July highs but are closing in on key 70k and 2800 resistance levels. A break above these levels is likely to attract massive retail attention. With the US elections just 15 days away and equities looking strong, the market is definitely optimistic as Risk Reversals have flipped in favour of Calls across all tenors.

However with no major catalysts this week, we expect crypto to chop around these levels as it attempts to break higher. In terms of macro data, we only have PMI numbers on Thursday (24 Oct) where the market will look for some reassurance if the Fed will remain on their rate cut path.

Trade Idea

With ETH’s surprise rally over the weekend, we definitely can’t rule out another break higher. A break above 2800, could send ETH above 3000.

Trade the Uptober ETH Breakout with an ETH Call DIGI (3k 25-OCT)

• Payout: 10x
• Spot ref: 2700