Ethereum’s Potential for $2,500 in November: On-Chain Analysis
The price of Ethereum has been consolidating between the range of $1,750 to $1,850 over the past week. However, on-chain analysis suggests that large investors could push the price of ETH towards $2,500 in November.
Ethereum Attracts a High Number of Whale Transactions
While Bitcoin saw a significant rally last week, Ethereum lagged behind in terms of performance. Despite this, on-chain data reveals that institutional investors are betting on Ethereum’s favor for November. In fact, Ethereum registered over 5,700 large transactions on October 24 and has consistently maintained a count above 1,500 since then. This indicates the presence of deep-pocketed corporate investors in the Ethereum market.
Whales Dominate the Markets for Over Two Weeks
The Coinbase Premium Index, an important on-chain indicator, highlights the bullish sentiment among Ethereum whales. The index has been positive since October 14, indicating intense buying pressure from whale investors trading on Coinbase Pro. Historical data shows that previous positive trends in the Coinbase Premium Index have led to ETH price breaking the $2,000 barrier. The current positive trend has reached 16 days and if it continues for another week, ETH price could potentially reach $2,500 in November.
ETH Price Prediction: Road to $2,500?
From an on-chain perspective, continued demand from whales could drive ETH price towards $2,500 in the coming weeks. The Global In/Out of the Money Around Price (GIOM) data confirms this bullish narrative. However, there is a major sell wall at $2,100 that could pose as an obstacle for Ethereum’s price. If bullish whales intensify their buying pressure, ETH price could break through and reach the predicted $2,500 level.
Hot Take: Ethereum’s Bullish Momentum
Ethereum’s recent on-chain analysis suggests that large investors are actively involved and could potentially propel the price of ETH towards $2,500 in November. The presence of deep-pocketed corporate investors and positive trends in the Coinbase Premium Index indicate a bullish sentiment. However, there may be resistance at the $2,100 level. Nevertheless, if the buying pressure from whales continues, Ethereum has the potential to reach new highs in the coming weeks.
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