The Ethereum (ETH) network is struggling to break above $3,000. Altcoins have continued to move sideways in recent months. However, several bullish factors are coming into play, which could mean turning a new page. In this article, we will take a deep dive into how Ethereum could rise significantly in the coming month.
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Ethereum current price level
Ethereum has had an eventful day, witnessing a nearly 3% rise in the past 24 hours. At the time of writing, the largest altcoin was trading at $2,525.35. Under these circumstances, the amount of assets per day also increased significantly by 31%, reaching $13.33 billion. This further highlights the increased activity in the ETH market.
This sudden spike in activity may be related to an increase in withdrawals from crypto exchanges. Earlier today, prominent analyst Ali Martinez pointed out that over 300,000 ETH tokens have been removed from crypto exchanges in the past week, reaching a staggering $750 million in value. .
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November price prediction
ETH looks poised for a bullish run in November. According to CoinCodex data, the world's largest altcoin will manage to soar above the $3,000 level. The company notes that Ethereum will trade at next month's highest price of $3,317, which is a 31.43% increase from the current price.
Additionally, this asset trades at an average price of $2,961.82 throughout the month. Ethereum's lowest price is $2,601, which is much higher than the current price of ETH.
Nevertheless, the Ethereum community did not seem too bullish about the asset's potential upside. According to CoinMarketCap community sentiment, 61% of 136,784 votes believe that Ethereum will continue to move sideways and will not rise any time soon. About 39% of them were bullish about the asset's outlook.
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