Ethereum's native token, Ether, is experiencing its first loss in October since 2018, currently priced at $2,475 after a 5.40% drop. Despite increasing competition from platforms like Solana and muted market reactions, indicators suggest a possible recovery toward $6,000. Ether is holding above a critical support level at $2,400, which historically has led to significant price recoveries. The relative strength index (RSI) has also bounced from a historical support zone, signaling potential bullish trends. Additionally, a substantial outflow of 543,000 ETH from Coinbase, valued at over $1.3 billion, indicates growing institutional interest, often correlating with future price rallies. Furthermore, Ethereum's position against Bitcoin shows promise, and capital rotation from Solana, which has recently surged against Ether, provides additional bullish potential. As the market may be transitioning to benefit Ethereum, analysts suggest a propelling movement towards the $6,000 target by early 2025. However, readers should conduct their own research before making any investment decisions.

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