In October, Ethereum (ETH) showed a recovery but faced challenges at the $2700 level. Let's delve into what the future holds for the cryptocurrency.

Ethereum’s Price Prediction

Since October, Ethereum has attracted significant capital inflows, enabling it to reach $2.6K. However, these inflows have slightly tapered off in recent days, potentially creating barriers to rising above $2700. This level also acts as a supply zone, which could trigger a pullback towards the 50-day Exponential Moving Average (EMA) at $2500. If Bitcoin (BTC) continues its bullish trend above $68K, Ethereum might break this barrier and reach $2900.

Ethereum Options Data Analysis

According to Deribit data, there is only a 6% chance for Ethereum to cross $3000 by the end of October. However, by November 8, the odds increase to 21%, aligning with the US elections, after which the new administration's stance on DeFi regulation might be decisive.

Risks and Key Levels of Interest for the Short Term

Over 220K ETH of open interest was added on Binance, indicating bullish bets. However, this doesn’t guarantee price direction, as high leverage comes with liquidation risks, especially if the price drops significantly. The $2300 level, 50-day EMA, and current roadblock are key levels of interest in the short term.

Despite positive momentum in October, Ethereum faces a notable roadblock. Analysts suggest that overcoming it may depend on external factors, such as political events and changes in the DeFi market.