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Ethereum price prediction shows the struggle of ETH crypto at a key resistance level as it is near the distribution phase. - 2
ETH price is above 20, 50, 100 and 200-days daily moving averages. - 3
Amid the bullish market, Ether provided around 25% returns in the last 30-days trades while Bitcoin provided 25%.
Ethereum price was at $1893.95 and lost 0.40% of its market capitalization intraday. Trading volume fell by 2.05% during the intraday trading session. This demonstrates that sellers are trying to pull ETH down. As ETH trades at a key resistance level in the distribution phase, Ethereum crypto struggles to maintain its recovery and is also affecting other altcoins as well.
Regulatory Reforms and Centralizations Being Discussed
Regulation-related difficulties and worries about ecosystem centralization are still topics of debate and thought for Ethereum, the second largest cryptocurrency after Bitcoin.
Some analysts assign some of Ethereum’s shortcomings to the unpredictability surrounding legal disputes involving Consensys, an essential participant in the Ethereum network. Several former workers have filed lawsuits against Joseph Lubin, the company’s co-founder. Lubin, also a co-founder of Ethereum, is accused by more than twenty shareholders in the Swiss holding company Consensys AG of breaking a pledge made in 2015 to stop the dilution of their shares.
The creation and maintenance of crucial infrastructure projects for the Ethereum network are greatly assisted by Consensys. It was founded in October 2014, which was about nine months before the Ethereum blockchain went live in the middle of 2015. The plaintiffs’ case was taken up by the High Court of Zug in Switzerland, which increased the level of uncertainty already present.
Regulatory challenges have hindered the growth of the Ethereum ecosystem. The latest concern is PYUSD, a stablecoin that runs on the Ethereum network and is based on the US dollar. This token was developed especially for Web3 applications and digital transactions. PayPal announced on November 2 that the United States Securities and Exchange Commission (SEC) had served it with a subpoena.
Concerns about the decentralization of financial applications on the Ethereum network have surfaced in addition to regulatory issues. A minor modification was made by the well-known Oracle service provider Chainlink, which dropped the number of users in its multisignature wallet from four out of nine to four out of eight. Analysts have noted that one significant issue is the lack of governance by ordinary users.
Why Ether’s Performance Lags Behind Other Altcoins?
Several significant altcoins have outperformed Ethereum (ETH) over the past month, including Solana’s SOL, XRP, and Cardano’s ADA, which have posted outstanding returns of 75.5%, 37%, and 35%, respectively. This disparity suggests that ETH is facing more than just legal challenges or a decreasing demand for nonfungible tokens and decentralized finance.
One major issue that the Ethereum network is currently facing is the high gas fees associated with transactions, especially those that involve smart contracts. The average transaction fee over the last seven days was around $4.90.
Moreover, the Ethereum network’s total ether deposits have dropped to their lowest points since August 2020. It is noteworthy that the evaluation does not consider the effects of native Ethereum staking.
Ethereum Price Prediction November 2023
Ethereum price prediction for November 2023 highlights interesting levels to be attained by ETH during November. However, currently ETH is struggling to sustain at the neckline in the distribution phase. ETH has been failing to break out from the $1919 resistance. Meanwhile, volume change was below average.
Ethereum, the second largest cryptocurrency after Bitcoin has been struggling to break out from a key resistance level.
Ethereum cryptocurrency may consolidate for a while till mid November near the key resistance level. However, after that, if the bull market continues further, then Ethereum may break out by the end of 2023.
ETH price has gained around 4.72% in a week and 15.93% in a month. Moreover, Ethereum cryptocurrency has surged 2.12% in the last three months and 2.86% in the last six months. Moreover, ETH coin price soared around 58.55% year to date.
Technical indicators highlight the return of ETH from the overbought territory. Relative strength index (RSI) confirms the decline of ETH from the overbought zone. RSI was at 68 and is heading towards neutrality. Investors in Ethereum cryptocurrency need to wait for any directional change over the daily time frame chart.
Summary
Ethereum price prediction highlights the struggle of ETH crypto at a key resistance as it is near the distribution phase. Analysts have highlighted the unpredictability surrounding Ethereum’s legal disputes involving Consensys, an essential participant in the Ethereum network. ETH failed to break out from the $1919 resistance level. However, after that if the market remains bullish, then Ethereum may break out by the end of 2023. Technical indicators suggest the ETH may return from the overbought territory.
Technical Levels
Support Levels: $1855.00 and $1830.40
Resistance Levels: $1900.00 and $1920.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/11/08/ethereum-price-prediction-heres-why-eth-is-underperforming-alts/