On-Chain Signals Suggest Ethereum Price Could Rise to $2,500 in November

On-chain analysis indicators suggest that significant investors could push ETH to $2,500 in November.

On Chain Signals Suggest Ethereum Price Could Rise To $2,500 In November_65b96ecf05444.webp

Ethereum (ETH) Price Has Potential to Reach $2,500 in November

Over the past week, Ethereum’s price has shown consolidation in the range of $1,750 to $1,850. Insights from on-chain analysis provide valuable indicators that suggest the possibility of large investors driving ETH towards $2,500 in November.

Ethereum experienced a dip in comparison to Bitcoin (BTC) as the cryptocurrency market witnessed a rally last week. However, on-chain analysis reveals a potential resurgence in ETH’s price due to increased demand from institutional investors in November 2023.

on chain signals suggest ethereum price could rise to 2500 in november 65b96ecf090c7

Ethereum’s recent performance pales in comparison to Bitcoin’s surge to a new 2023 peak of $35,300 during the previous week, with BTC showing a 30% gain since September 30, while ETH managed a more modest 8% increase.

Nonetheless, on-chain data trends indicate a shift in favor of Ethereum in November, driven by the confidence of large institutional investors. According to data from IntoTheBlock, Ethereum recorded a substantial 5,700 Large Transactions on October 24, with the Large Transaction Count consistently remaining above 1,500 in the subsequent days.

on chain signals suggest ethereum price could rise to 2500 in november 65b96ecf60ce3

In cryptocurrency terms, “Whale Transactions” refer to daily transactions exceeding $100,000 in nominal value. The increasing number of ETH Large transactions is a strong bullish signal, indicating the active participation of deep-pocketed corporate investors within the Ethereum market.

This trend aligns with the rally that began in mid-October, and if these whales continue to provide liquidity, ETH could be one of the significant gainers in the upcoming upswing.

>>> Price Forecasts: Ethereum’s Positive Outlook and Bullish XRP Expectations

Ethereum’s Coinbase Premium Index, another crucial on-chain indicator, underscores the bullish sentiment among Ethereum whales. This index has remained positive since October 14, demonstrating intense buying pressure among whale investors trading on Coinbase Pro.

on chain signals suggest ethereum price could rise to 2500 in november 65b96ecf67d91

This is significant because while Binance spot trading is predominantly driven by retail traders, Coinbase Pro attracts U.S.-based corporate entities and high-net-worth investors seeking a more regulated trading environment.

Historical data indicates that the last two instances of Ethereum’s Coinbase Premium Index trending positively for up to 20 consecutive days occurred in March and May 2023, coinciding with ETH’s price surpassing the $2,000 mark. Currently, as of October 30, this positive trend has lasted for 16 days. If whales maintain their dominance for another week, it could pave the way for Ethereum’s price to approach $2,500 in November.

on chain signals suggest ethereum price could rise to 2500 in november 65b96ecfbe5ad

From an on-chain perspective, sustained demand among whales is a driving force that could push ETH towards $2,500 in the coming weeks. The Global In/Out of the Money Around Price (GIOM) data, which categorizes ETH holders based on their entry prices, supports this bullish scenario.

It identifies the $2,100 price point as the primary hurdle for Ethereum’s journey to $2,500. A significant number of addresses have purchased ETH at an average price of $2,102, which closely aligns with the current yearly peak. Overcoming this resistance will require intensified buying pressure from bullish whales.

on chain signals suggest ethereum price could rise to 2500 in november 65b96ecfc4ea6

On the downside, bears may aim for a retest of the $1,500 territory, but the initial support at $1,680 could present a formidable challenge in this regard. Given the current positive market momentum, holders who bought at an average price of $1,687 may be inclined to hold their positions. However, failing to defend this support level could potentially lead to a reversal towards $1,500.

5.0/5

(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Azcoiner Exclusive Event On Bingx

Airdrops | Altcoin | Editor Choice

AZcoiner Exclusive Event on BingX

Join the exclusive event hosted by AZCoiner in collaboration with the BingX exchange to receive attractive rewards of up to $2000. Participate now to avoid missing out!

Azcnews Breaking

Editor Choice | Research

What is Pump and Dump? What Should You Do When This Phenomenon Occurs?

The phenomenon of Pump & Dump is quite prevalent in the cryptocurrency market. So, what is Pump? What is Dump? And what should you do when this phenomenon occurs? Let's find out through the article below!

Azcnews1 Breaking

Editor Choice | Research

What is Runes Protocol? The Protocol Generating Heat Ahead of the Halving

After Halving, the narrative will only revolve around Bitcoin and Runes is a story just like that. So, what is Runes protocol? Let's find out right away!

Azcnews Breaking

Editor Choice | Research

What is Staking Crypto? Tips to Maximize Profit When Holding Coins

When you hold any coin without knowing how to optimize its profitability, coins with staking mechanisms help you generate additional profits while you hold them. So, what is Staking? What are the benefits of staking? Let's find out!

Azcnews

News | Bitcoin | Editor Choice

Bitcoin Rises to $65,000 Just Hours Before Halving

Bitcoin surged to $65,000, experiencing a nearly 8% fluctuation in just a few hours, amidst signs of easing tensions in Iran.