Ethereum faces critical price tests and shifting market structures

Ethereum is experiencing significant market activity, with analysts and AI models debating its short-term price trajectory. AI models ChatGPT and Gemini have set average price targets for the end of October at approximately $3,017, suggesting potential growth from recent trading levels near $2,761. ChatGPT specifically projected a target of $3,150, citing robust fundamentals such as spot ETH exchange-traded funds and renewed institutional demand from entities like Citigroup Inc.

Technical analysis indicates a shift in Ethereum’s relationship with Bitcoin. The ETH/BTC ratio has reportedly broken a long-running downtrend dating back to 2017, though analysts note that clearing the $0.040 resistance level is critical to confirming a sustained breakout.

Market structure analysis remains divided between bullish and bearish scenarios. While some technical patterns suggest the completion of an impulsive move that could lead to further gains, others warn that the current movement could be part of a larger corrective phase, potentially leading to deeper price adjustments.