Ethereum Community Notably Bullish on ETH Price Forecast

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The cryptocurrency community is bullish on Ethereum (ETH), the second-largest cryptocurrency in terms of its price at the end of November, as the market for cryptocurrencies continues to trade in calm waters with its key assets registering little volatility.

According to the recent data obtained using a ‘Price Estimates’ tool on October 25, the community’s votes on CoinMarketCap predict that Ethereum will trade at $1,488.13 on November 30, 2022.

There have been 1,617 votes submitted to anticipate the price of Ethereum as of publication, and their combined predictions point to a potential increase of $144.5, or 10.43%, over the current price, which was $1,347.62.

Longer-term forecasts are much more optimistic, with the decentralized finance (DeFi) token’s price expected to rise by $213.88, or 15.87%, now sitting at $1,560.51 with 987 votes cast.

Another potentially positive event is that, as of October 20, the blockchain analytics site Santiment reported that 132 of Ethereum’s billionaire whale addresses, each of which holds one million or more ETH, have raised their total bags by 14% since September 11.

Source: Santiment

Another encouraging development is Fidelity’s announcement that starting on October 28, it will provide institutional users with access to Ethereum transactions, enabling them to buy, sell, and transfer the cryptocurrency. This decision was motivated by the success of the network’s most recent Merge upgrade.

Like Ethereum, Bitcoin Holders are Unrelenting

In other news, long-term investors in Bitcoin (BTC) are still holding on to it as it attempts to reclaim the important psychological level of $20,000. At the same time, the cryptocurrency market is experiencing calm seas.

According to Martuun, an analyst at the cryptocurrency analytics platform CryptoQuant, on October 25, long-term holders are tenacious in their “hodling” habit and currently control over 75% of all Bitcoin in existence, the greatest percentage seen in seven years – since October 2015.

Source: CryptoQuant

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.