Ethereum (ETH) Price Prediction and Analysis in November 2020
The cryptocurrency market has been in a bull market for a few weeks now. Top cryptocurrencies like Bitcoin and Ethereum have been the most beneficiaries. As a result, more investors are likely to invest in these cryptocurrencies, and traders may use this as an avenue to make some money trading the bull market. In order to help with the information required to make investment decisions, we will look at Ethereum price prediction and analysis for the month of November 2020.
The name Ethereum does not need any introduction as far as the crypto market is concerned. The number one platform for smart contracts and dApps, Ethereum, has maintained its position as the second-largest cryptocurrency by market capitalization. The rapidly growing DeFi market has also contributed significantly to the growth of the network. ETH is the native currency used on the network for all transaction fees and is expected to grow significantly in the future as some analysts argue that it is still grossly undervalued
Ethereum currently has a market cap of $52,606,232,194, a circulating supply of 113,408,722 ETH, and a 24-hour trading volume of $13,480,862,781. Ethereum recently started its migration from the Proof-of-Work consensus algorithm to the Proof-of-Stake consensus with the new Ethereum 2.0. When the migration is complete, ETH holders will be able to stake their coins to secure the network and get rewarded for it.
Ethereum Price Prediction: Analysis
Although price movement is not all smooth, Ethereum has been in a generally bullish upward movement since the year 2020 started. This trend has continued since the start of October, reaching $417 for the first time in 2020 on 22 October. This was, however, short-lived, and the price started a low but consistent dip to $374 on November 06. It has since continued its upward movement to hit $465 on 7 November before a slight pullback to $435 on 8. At the time of writing this, the ETH price stands at over $463.
The daily chart for Ethereum also clearly shows the ongoing uptrend. The 20 MA is safely above the 50 and 100 MA. Although the 100 MA has been above the 50, that is about to change, as the 50 MA is about to reach a golden cross above the 100. This will fully confirm the bull market both in the short and long term. There are important resistance and support levels for this asset in the month of November, shown below as calculated by Walletinvestor:
- Resistance Level (R3): 496.885;
- Resistance Level (R2): 484.735;
- Resistance Level (R1): 473.849;
- Pivot Point: 461.699;
- Support Level (S1): 450.813;
- Support Level (S2): 438.663;
- Support Level (S3): 427.777.
The Ethereum blockchain on Wednesday 11 November experienced an “unannounced” hard fork. Nikita Zhavoronkov, the lead developer at Blockchair, announced on Twitter that the chain split was a result of Ethereum developers introducing a change in the code. He told CoinDesk that the code change could have been introduced some time ago but just resulted in the split now due to some node operators not upgrading the Geth nodes, and the split was between those upgraded nodes and those that have become redundant.
As a result of the split, Ethereum infrastructure provider, Infura, has announced that it is experiencing a service outage for its Ethereum mainnet API. This has made some Infura users, including Binance and Metamask, to stop offering Ethereum-based services while the issue is still being investigated.
Ethereum Price Prediction: Market Opinion for November 2020
To further give you a better understanding of Ethereum price prediction in November, we have considered price forecasts from other websites.
One of the most reliable websites for cryptocurrency price prediction, Walletinvestor, forecasts that Ethereum could reach as high as $515 and as low as $435 in November.
Ethereum forecast for the upcoming days:
|Date||Price||Min Price||Max Price|
Longforecast predicted that ETH would start November at $387. It also stipulates that the price will reach a high of $591 and a low of $382 before closing at $552, gaining 42.6%.
According to this website, Ethereum will reach a maximum of $611 in the month of November, while the minimum expected price is $422.
Ethereum Price Prediction: Verdict
This is the price prediction for Ethereum in November 2020. Overall, the coin is clearly in a bull market, but investing in it should be approached with care and with a lot of research in addition to this information so that you can be confident about your investment decisions.
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