Disclaimer: The CoinMarketCap cryptocurrency community price estimate is based only on the votes of its users. Estimates do not guarantee end-of-month prices.
As the cryptocurrency market continues to sail in calm waters, with its major assets recording minimal volatility, the crypto community is bullish on the second-largest one – Ethereum (ETH) – in terms of its price for the end of November.
Specifically, the votes cast on CoinMarketCap by the platform’s community estimate that Ethereum will trade at $1,488.13 on November 30, 2022, according to the latest data retrieved by Finbold using the platform’s ‘Price Estimates’ feature on October 25.
At press time, there have been 1,617 votes cast to predict Ethereum’s future price, with their collective forecast suggesting a possible increase of $144.5 or 10.43% from the current price, which stood at $1,347.62.
Social Ethereum price estimate for November 30. Source: CoinMarketCap
In terms of longer-term predictions, they are even more bullish, currently standing at $1,560.51 with 987 votes cast, anticipating an increase of $213.88 or 15.87% to the decentralized finance (DeFi) token’s current price.
Ethereum price analysis
As things stand, Ethereum is changing hands at $1,347.62, down 0.24% but up 1.44% across the previous week. Since the year’s turn, Ethereum has been demonstrating a downward pattern, declining 63.41% from $3,683, where it stood on January 1.
Ethereum year-to-date (YTD) price chart. Source: CoinMarketCap
Meanwhile, expert crypto trader Josh Rager noted that Ethereum was currently “ranging between higher and lower ranges,” and that its future performance may well depend on Bitcoin breaking out of its “compression to the upside.”
Rager also stressed that Ethereum is “currently holding $1,200s level is good for price and breaking back above $1,450+ will be key,” in his tweet and accompanying chart posted on October 24.
Ethereum price analysis. Source: Josh Rager
Other bullish signs
In another potentially bullish development is that132 Ethereum’s billionaire whale addresses holding one million or more ETH had increased their cumulative bags by 14% since September 11, as the blockchain analytics platform Santiment stated on October 20.
Ethereum billionaire addresses’ accumulations. Source: Santiment
Another bullish sign could also be the announcement by the investment giant Fidelity about its plans to offer institutional users access to Ethereum transactions, allowing them to buy, sell, and transfer the asset as of October 28, in a decision that was driven by the success of the network’s recent Merge upgrade.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.