Ethereum

Based

The world’s second-largest crypto by market cap- Ethereum, topped by Bitcoin, has experienced its market surges over the last few years. As the year comes to a close, experts predict a rise in Ethereum market price, which might reach new levels above $2,000. Various factors will affect this bullish move and might also spill over to its altcoins.&nbsp;
Volatility in the crypto market is a major attribute for cryptocurrencies, and this has seen a rise and fall in market values of various crypto. Currently, experts are in talks about the<a href="https://www.cryptopolitan.com/ethereums-scroll-scaling-project-surges/" rel="noopener noreferrer nofollow"> ETH </a>price, and market data have also confirmed this. However, the question remains on whether ETH’s price will coincide with expert future market predictions.&nbsp;
<h2 class="wp-block-heading" id="ethereum-is-expected-to-rise-to-levels-above-2-000">Ethereum is expected to rise to levels above $2,000</h2>
Ethereum’s price has consolidated around $1,750 and $1,820 levels over recent weeks. Based on on-chain data trends, institutional investors have been conducting a significant number of ETH transactions in the Ethereum network.&nbsp;
This has been the reason behind market experts’ prediction of Ethereum’s price reaching <a href="https://www.nasdaq.com/articles/forecast:-ethereum-price-could-cross-$2500-in-november-if-this-happens" rel="noopener noreferrer nofollow" target="_blank">$2,500</a> in November 2023.&nbsp;
The US stock market, as well as its index funds, recorded negative outings as investors’ expectations fell short last week. Among the companies included in this pluming are Facebook (META) and Google/Alphabet (GOOG), as well as benchmark indices like S&amp;P 500.&nbsp;
According to on-chain data, instructional investors sought to jump into Ethereum investment as a hedge against their bets following the wake of the US stock markets’ poor results.&nbsp;
Reports have recorded large Ethereum transactions of about 5,700 ETH on October 24. This was the largest transaction recorded since the end of the first quarter in March 2023.&nbsp;
Additionally, the data proves that ETH transactions have been counted to be above 3,000 on a four-day average since the first large transaction count. Large Transactions in the crypto language refer to transactions that exceed $100,000 in a single trading day.&nbsp;
<h2 class="wp-block-heading" id="reasons-for-the-expected-eth-bull-rally">Reasons for the expected ETH bull rally</h2>
The spontaneous increase in these large transactions is a sign of a strong bullish there’d expected for Ethereum in the coming future. Based on the investment timeline, large investors started to seek ETH investments when the S&amp;P 500 index dropped to a 5-month low.&nbsp;
The increase in the number of large transactions is a signal indicating an expected price surge based on various reasons.&nbsp;
To begin with, it implies that market liquidity is at an increasing momentum, and this enables participants in the underlying network to execute trades more efficiently at higher prices. The outsize demand for digital assets from large investors maps a short-term scarcity. This influenced the price as the demand rose.&nbsp;
Based on ETH’s historical on-chain data, its price entered a 44% rally and witnessed a peak of $2,100 in 2024. This was following a whale traction that recorded 12,400 ETH transactions in March.&nbsp;
Additionally, if the US stock price keeps its downtrend, Ethereum’s price could hit a fresh high of $2,500 this coming November. This will be fostered by more investors joining the crypto market and heading their investment positions with ETH.&nbsp;
Among the major factors that will affect <a href="https://www.cryptopolitan.com/ethereum-move-to-separate-erc-and-eip/" rel="noopener noreferrer nofollow">ETH’s</a> price increase include the downtrend of US stock prices, the on-chain perspective, and the increase in Ethereum’s Large Transactions.&nbsp;
Considering market data from October 28, Ethereum’s EMA 30 stood at $1,6665.99, as its SMA 30 was recorded at $1,646. Following this development of both the SMA and EMA being below Ethereum’s current price of <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow" target="_blank">$1,787.33</a> at the time of writing, this implies that a robust bullish rally is potentially brewing in the short term.&nbsp;
If the bulls are stronger than predicted, the digital asset will record a resistance level of around the $1,850 mark. If this happens, the price might push to the $2,005 mark, and this will show the beginning of Ethereum’s journey to the $2,500 Mark, as predicted from market data.&nbsp;&nbsp;

Ethereum market price set to cross $2,500 in November – Here’s why

Table of Contents

Cryptopolitan_News

Other articles published on Oct 29, 2023

Shiba Inu Lead Kusama Teases Significant Changes

Cardano: DeFi Growth Surges Past $250 Million in TVL

The Rise of RWA: Transforming the Digital Landscape with Blockchain

Shiba Inu Developers Tease Groundbreaking Self-Custodial Identity Project

This is Federal Reserve’s response to BRICS Pay

First Bitcoin ETF Trades $1.5B with GBTC Discount Reflecting $69K BTC Price

Join our free newsletter for daily crypto updates!