The Ethereum (ETH) network has struggled to surpass $3,000. The altcoin has been moving sideways for months now. But it could be turning a new page as several bullish factors are coming into play. This article delves into how Ethereum can rise significantly in the coming month.
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Ethereum’s Current Price Level
Ethereum had an eventful day, witnessing a nearly 3% uptick over the past 24 hours. At press time, the largest altcoin was trading at $2,525.35. Amidst this, the daily volume of the asset also saw a major spike of 31%, reaching $13.33 billion. This further highlights the increased activity in the ETH market.
This sudden spike in activity could be related to rising withdrawals from cryptocurrency exchanges. Earlier today, prominent analyst Ali Martinez pointed out that over 300,000 ETH tokens were taken out of cryptocurrency exchanges over the past week, valued at a staggering $750 million.
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November Price Prediction
It looks like ETH is all set for a bullish November. According to data from CoinCodex, the world’s largest altcoin will manage to soar beyond the $3,000 level. The firm notes that Ethereum will trade at a maximum price of $3,317 in the coming month, a 31.43% rise from its current price.
In addition, the asset will trade at an average price of $ 2,961.82 throughout the month. The lowest that Ethereum could go to is $2,601, which is much higher than ETH’s present price.
Despite this, the Ethereum community did not seem very bullish about the asset’s potential ascent. As per CoinMarketCap’s community sentiment, 61% of the 136784 votes believe that Ethereum will continue to move sideways and not witness a rise anytime soon. About 39% of them were bullish about the asset’s prospects.
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