Ethereum recently attracted attention with a notable increase in trading volume in November so far, marking a turning point for ETH from a prolonged downtrend. The month began with an on-chain trading volume of $3.84 billion, escalating by 85% to $7.13 billion by mid-November.
At the time of writing ETH is at trading at $3,450, making a 2.63% gain in the last 24 hours. Amid this trend, the increased activity signals a potentially positive trend, with a rally toward $4,000 feasible by the end of Q4. Notably, Ethereum has surged over 40% since the Trump’s on November 6.
However, Ethereum’s price retracted over the next seven trading days after Trump’s victory, settling around $3,000 and erasing a large portion of its gains. However, the crypto market’s volatility created opportunities for strategic investors. In response, ETH saw a near 10% boost the day after the decline, rising to $3,357.
Despite this recovery, Ethereum displayed higher volatility compared to several other altcoins. Competitors like Ripple (XRP) and Cardano (ADA) showed stronger stability, earning recognition as the “tokens of the month.” This contrast raises concerns about Ethereum’s capacity to sustain its momentum amid competition from other major cryptocurrencies.
ETH’s $3,400 Resistance: A Key Test
Meanwhile, Bitcoin has remained over the $94,000 level for the past five days, a period of consolidation often followed by a shift in capital towards Ethereum, the leading altcoin by market cap. However, Ethereum’s underperformance compared to its competitors suggests a potential shift in market dynamics. This could hinder ETH’s ability to maintain its price above the critical $3,400 resistance, a level last tested in mid-July before a decline to the $2,200–$2,600 range.
On-chain volume surged to $7.3 billion in just under two weeks, signaling heightened selling pressure. Ethereum may now be entering a consolidation phase, which often precedes a breakout if key conditions are met. Large HODLers must begin accumulating to absorb the selling pressure, and Bitcoin needs to surpass the $100,000 resistance to maintain market momemtum.
Should these conditions materialize, ETH could see further demand and a potentialbreakout to $4,000 seems more probable without such developments.
Is $5,300 Ethereum’s Next All-Time High?
Alan Santana, a prominent crypto analyst on TradingView, has shared strong long-term predictions for Ethereum. He compares Ether’s influence to air, describing it as weightless yet all-encompassing, emphasizing the currency’s potential to permeate every facet of the market. Analyzing Ethereum’s long-term weekly chart, Santana notes the cryptocurrency market’s consistent progress.
Santana invites debate on Ethereum’s future price targets, asking whether the asset could reach $11,300 or $15,300. He offers further possibilities, suggesting $7,300, $11,300, or $15,300, with a bold prediction of $5,300, representing a 60% increase and a new all-time high from its current position.
Source: Alan Santana on X
Let’s argue, $11,300 or $15,300? “I have a better explanation, of course. I considered another option. Choose from $7,300, $11,300, or $15,300… You know what? $5,300 will be easy, representing a 60% increase and a new All-Time High from the current price,” said Santana.
At the time of writing, ETH is trading around $3,436.73, marking a 8.16% increase over the past seven days despite minor corrections. These movements bolster optimism regarding Ethereum’s trajectory. Santana’s assertion that $5,300 is a feasible target adds to the anticipation of Ethereum achieving a new all-time high in the foreseeable future.
Source: https://bravenewcoin.com/insights/ethereum-up-85-in-november-can-it-sustain-momentum