Analysts suggest that the recent increase in transaction activity from whales could be an indication of growing interest among wealthy investors in Ethereum. It is also conceivable that this increased whale activity is linked to institutional involvement, as such entities have the capacity to direct significant capital flows into the Ethereum network.
These institutional investments have the potential to significantly increase Ethereum’s price, with some analysts anticipating a possible rise above $2,500.
Ethereum technical analysis: $2,000 price in sight
ETH price is approaching a crucial turning point, according to technical analysis using Fibonacci retracement levels. Technical analysts point to the $1,830 price level as a critical support level. If this level holds, Ethereum could be gearing up to break the $1,875 resistance barrier. A break above this key level, identified by the Fibonacci indicator, would make a rally towards the $2,000 mark likely.
Conclusion
Ethereum (ETH) saw an increase in value of more than 10% in October, but lagged behind other major cryptocurrencies. Looking ahead to November, analysts are signaling a potentially bullish scenario due to increased interest from whales, with possible price jumps towards $2,500. Technical analysis suggests that if Ethereum remains above $1,830, a move towards $2,000 is likely.
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