Ethereum

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<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/tTK9M59b-e1699634845817.png" class="attachment-full size-full wp-post-image" alt="ETH price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Ethereum Price Prediction: The Ethereum coin price continues to maintain its aggressive bullish momentum even in November. On the 9th of this month, ETH price witnessed a massive surge of 12.3% intraday gain which reached a seven-month high of $2,130. This sudden surge in buying pressure is likely aligned with the recent news that BlackRock, the world’s largest asset management company, <a href="https://coingape.com/eth-price-shoots-10-amid-massive-surge-in-ethereum-addresses-next-2500/">has applied for Ethereum spot ETF</a>. Will development prolong the ongoing recovery to $3000? 
Also Read: <a href="https://coingape.com/breaking-blackrock-files-first-ethereum-spot-etf/">BlackRock Files First Ethereum Spot ETF</a> 
<h2 id="b-is-eth-sustainable-above-2000-b">Is ETH Sustainable Above $2000?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">With the supply pressure at $2136 resistance, the ETH price may witness a minor pullback</li> 
 <li style="font-weight: 400;" aria-level="1">Completion of flag pattern sets a potential target of $2340, followed by $3000</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Ether is $20.2 Billion, indicating a 5.2% gain.</li> 
</ul> 
<img decoding="async" class="alignnone" src="https://s3.tradingview.com/snapshots/t/tTK9M59b.png" alt="Ethereum Price Prediction" width="1946" height="1104">Source- Tradingview 
Over the past 30 days, the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> trajectory has been impressive, climbing from a low of $1,522 to a recent high of $2,136 – a 40% increase. A key moment in this rally was on November 5th, when coin buyers successfully pushed the price beyond the resistance trendline of a bullish flag pattern.&nbsp; 
<blockquote>
 This move led to a surge past the significant $2,030 barrier, culminating in the recent 7-month high. With strong accumulations across various Ethereum addresses and BlackRock filling applications for spot Ethereum ETF, the crypto market witnessed positive boasts among traders.&nbsp;
</blockquote> 
As of the latest trading sessions, the ETH price at $2,063. Although there is a slight intraday loss of 0.75%, this minor pullback might lead to revisiting the $2,030 level in search of potential support.&nbsp; 
Should the coin price stabilize at these higher price levels, the momentum could carry it further up, potentially by another 12% to reach the $2,340 mark, aligned with the <a href="https://coingape.com/markets/ethereum-price-prediction-as-eth-breaks-200-day-correction/">first target of the flag pattern</a>, followed by $3000. 
<h2 id="b-ethereum-holders-in-profit-b">Ethereum Holders in Profit</h2> 
<img decoding="async" class="aligncenter wp-image-164093 size-full" src="https://coingape.com/wp-content/uploads/2023/11/image_2023-11-10_21-19-25-e1699634554606.png" alt="Global In/Out of the Money (GIOM) metric for Ethereum" width="1200" height="495">Source- intotheblock 
The Global In/Out of the Money (GIOM) metric for Ethereum indicates that currently, 62.13% of ETH addresses are ‘in the money’ (profiting), while 34.19% are ‘out of the money’ (at a loss). With the prevailing market recovery sentiment and a majority of holders in profit, there is a reduced likelihood of a panic sell-off, suggesting that investors might continue to support the ongoing bullish rally. 
<ul> 
 <li>Exponential Moving Average (EMA): The positive crossover between the 100-day and 200-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> slopes is likely to encourage buyers to maintain the current recovery trend.</li> 
 <li>Directional Moving Index (DMI): The significant gap between the DI+ and DI- slopes, currently in a bullish crossover, underscores the prevailing bullish sentiment in the market</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/ethereum-price-prediction-as-recovery-hits-7-month-high/">Ethereum Price Prediction: Is $ETH Heading to $3000 by November End?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Ethereum Price Prediction: Is $ETH Heading to $3000 by November End?

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