The market is experiencing a flurry of activity as crypto turns the page on a weaker than expected Uptober. November began with Ethereum (ETH) at $3,500, down 9.7% on the 14-day chart but up 43% for the year.
As Layer-1s experience a short term slide against the US dollar, traders are looking further afield for potential upside. Web3 game EV2 is among the presales capturing investor attention thanks to its clear value proposition and detailed roadmap.
Here we look at the macroeconomic conditions informing buy and sell decisions and predict where crypto markets are headed next.
Is Ethereum Worth Buying Now?
Ethereum (ETH) is down 10.57% against the dollar over the past 24 hours, down from an all-time high of $4,900 on August 24. For Ethereum maxis, this presents an opportunity to buy the dip, but more conscientious investors will want to examine the market temperature before diving in.
On October 30, UK regulators opened exchange-traded notes (ETNs) to retail investors, sparking a price war on the UK stock exchange. The FT reported on October 30 that UK Bitcoin ETN fees were now just 0.05% while Ethereum ETN fees fell to just 0.25%.
The development could prove to be significant for Ethereum traders as capital flows into UK crypto stocks, but any price impact is yet to be felt.
Ethereum charts also give rise to further optimism. Technical analysis shows Ethereum sitting on a bullish flag on the weekly trading view, with RSI signalling ETH as potentially oversold. Ethereum bulls suggest an upward breakout could be imminent.
However, Ethereum may still have just a little further to fall in the near term. Market analyst Yimin X of YXinsights says ETH could drop to $3,200 before it climbs once more, with a target price of $5,000.
EV2 Presale Suggests Market Rejuvenation
Another bullish signal comes in the form of the EV2 presale, which is now selling fast, gaining significant traction in the past 24 hours.
The Web3 space-shooter aims to bring AAA gaming gloss to the cryptosphere, merging cinematic gameplay with blockchain utility. The much-lauded Funtico development team is behind the emergent project, promising an in-game token for rewards, marketplace transactions, and community incentives.
The team says presale buyers will be treated as early players, receiving content, cosmetics and limited items before the game swiftly launches in Q2 2026.
EV2’s presale is structured as an ‘early-access journey,’ promoting longevity over speculation in an often fickle market. The project’s simplified dashboard allows token purchases from non-crypto natives, ensuring less technically-minded investors can enter Web3 with no friction.
EV2 tokens can be purchased with ETH, USDT, BTC, BNB, SOL, SUPER or credit card. Funtico’s native token TICO is excluded from the initial sale to keep the two projects distinct, though existing TICO holders can use their tokens for bonus and staking rewards.
Global Trade and Fed Rate Cuts
Federal Reserve Chair Jerome Powell fueled bearish sentiment in the crypto market on October 29, when the US Central Bank announced a quarter percentage rate cut.
While rate cuts are usually a bullish indicator, Powell immediately spoiled the party by declaring a further cut in December was not a ‘foregone conclusion’ before punctuating his remark with the addition ‘far from it.’ On the surface, it was pretty thin stuff, but it proved enough to dampen spirits for a market in which some traders priced in another rate reduction.
The December cut may not be a foregone conclusion, as Powell puts it, but it’s a distinct possibility at least. Should that come to pass, traders should expect Ethereum, Bitcoin, Solana and other Layer-1s to climb.
The wider financial market remains cautious due to ongoing trade tensions between the US and China, although a new deal signed between US President Trump and Xi Jinping on November 3 suggests that corner may already be turned.