Over the past several days, the cryptocurrency industry has been battling with bearish sentiments around most of its assets, including Ethereum (ETH), which is back below the $1,500 level, but the crypto community seems to be bullish on its future. In particular, the tally of votes cast by CoinMarketCap members using the platform’s Price Estimate feature demonstrates the belief of the crypto community that Ethereum would be trading at a median price of $1,537 on November 30, 2022, according to the data from November 8. Specifically, these results stem from the 2,342 votes cast on the platform by press time and represent an anticipated growth of the decentralized finance (DeFi) asset’s price by $86.41 or +5.96% compared to its current price. By the end of the year, the crypto community is showing even more optimism, expecting ETH to be changing hands at the median price of $1,600 on December 31, 2022. If this prediction comes true, it would mean an improvement of $149.14 or +10.28% on its price at the time of publication.
ETH technical analysis
At the same time, Ethereum’s technical analysis (TA) indicators are heavily in the ‘sell’ zone, with its daily summary pointing to a ‘strong sell’ sentiment at 16, similar to the moving averages (MA), which suggest ‘strong sell’ at 12. Meanwhile, the oscillators are slightly gentler, indicating a ‘sell’ sentiment at 4, while the majority (i.e., 7) of them is occupying the ‘neutral’ zone, according to the data obtained from the market analytics platform TradingView on November 8.
Ethereum price analysis
As things stand, Ethereum is currently trading at $1,450, down 7.70% on the day and 7.80% across the week, despite growing 9.37% over the past 30 days, according to recent data. Since the year’s turn, it mostly followed the general bearish trend of the wider crypto market, trading mainly in a sideways fashion for the past few months, as its year-to-date (YTD) chart demonstrates. Meanwhile, technical analyst Matthew Hyland observed that Ethereum’s breakdown target had fallen to $1,360, as he illustrated on a chart in his tweet on November 8:
Factors that could affect ETH price
Data also indicates that Ethereum could “regain edge,” along with Bitcoin (BTC), as they both record very low volatility and risk compared to the stock market. One week before, Finbold also reported on an increased ‘hodling’ activity of Ethereum’s top non-exchange whales, which had added 6.7% more of the ETH token between the Merge and November 1. More recently, Ethereum saw accumulation by small, medium, and large traders since late October, all of them raising the percentage of their holdings, outside the crypto exchanges’ and founders’ addresses that hold over 10 million ETH, crypto intelligence platform Santiment stated. Interestingly, crypto trading expert Michaël van de Poppe earlier expressed his expectation that Ethereum could hit the target of $15 in the coming months, as he tweeted on November 6. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
