Ethereum traded near $2,510–$2,515 in mid-October, and analyst Celal Kucuker argues ETH could still reach $3,000 before the end of the month. His bullish case rests on a roughly three-month accumulation phase, repeated defense of the $2,500 area, and stronger buying interest from Western exchanges that is absorbing selling pressure from Asian exchanges. On the four-hour chart, ETH is trading inside a broad rising structure, with repeated tests of the $2,480–$2,500 support zone. The first resistance sits around $2,560–$2,590, followed by $2,640–$2,720, with a projected channel target near $2,900–$3,000.
A new short-term risk emerged from South Korea, where the KOSPI index fell 5.4% and Japan’s Nikkei 225 dropped 1.8% on October 13. Trading on the KOSPI was suspended several times as selling intensified. The shock triggered more than $700 million in liquidations across crypto in 24 hours, with Ethereum futures accounting for nearly $170 million. Tom Lee, chairman of Bitmine Immersion Technologies, warned that forced stock sales by South Korean investors could spread losses to crypto because of the country’s high crypto participation and the risk of brokerage margin liquidations. He said any impact on ETH is likely to be “short-term pain.” Bitmine owns nearly 5% of ETH’s circulating supply, a stake worth more than $15 billion, while BMNR stock has fallen 58% over the past 12 months to $23.83.
Derivatives and ETF data have weakened. Ethereum open interest dropped to 12.26 million ETH, the lowest since February, while the Estimated Leverage Ratio fell to 0.62, the lowest since November 2025. Perpetual futures volume remains led by short positions, and Net Taker Volume continues to post rising negative values. The Coinbase Premium Index fell to -0.117, its lowest since August 10. US spot ETH ETFs recorded $85.4 million in outflows on Monday, marking ten straight days of outflows, the longest streak since May 11 to June 3. On the daily chart, resistance sits at $2,548, with the next hurdle at the 20-day EMA near $2,578; a break above that could open the way to $2,636 and $2,781. Support sits at $2,413, then $2,355, with deeper support at $2,204 and $1,971.
Longer term, analyst Ash Crypto noted that ETH has traded sideways for nearly five years. If Ethereum breaks above its multi-year resistance, he said it could see one of the biggest rallies in its history. Kucuker also sees the Ethereum-Bitcoin divergence as a reason altcoins could attempt a stronger move before the year ends.
