As of this writing, the price of Ethereum (ETH) seems to be stabilizing at $3,145.26 despite a decline of 1.83% over the past week according to CoinMarketCap data.
Even better prospects are expected for ETH in the coming weeks as current market analysis suggests an optimistic sentiment among investors. This outlook is as Ethereum options data indicates an increasing number of call contracts being purchased which is an indicator of expectations of a further climb in price.
What should we expect from ETH in the next 7 days? Would Ethereum price go up? We'll provide insight into ETH market data, movements, and predictions within the next week.
An Overview of Key Ethereum (ETH) Statistics
- All-Time High: $4,891.70 (Nov 16, 2021) – down 36.4%
- All-Time Low: $0.42 (Oct 21, 2015) – up 739066.67%
- Fully Diluted Market Cap: $377.69 billion
- Market Cap: $375.23 Billion
- 24-Hour Volume: $29.08 Billion – down 18.91%
- Circulating Supply: 120,425,284 ETH
- Total Supply: 120,425,284 ETH
Market Sentiment and On-Chain Data
Despite dipping below $3,100 on Tuesday, bullish sentiment continue to grow among Ethereum investors. On-chain data from CryptoQuant reveals a high Coinbase premium which indicates US investors' strong buying pressure. Their analysis also showed a dominant positive long sentiment in the Ethereum market which further iterates investors' bullish expectations on ETH.
The decline in Ethereum's transaction volume reinforces this bullish outlook, falling from 1.229M ETH on Monday to 1.205M ETH on Tuesday, as reported by YCharts. Expert analysts are projecting that this decline would be skewed toward the upside for ETH price.
Additionally, data from Derive also confirms that investors are anticipating increased volatility for ETH in the coming days. Based on the activities of option traders, we're are estimating a 68% chance of price movement between -25.9% ($2300) and +28.70% ($4000) by 29 Nov.
Looking at market sentiment, hopes are high and investors are making bold predictions.
An expert analyst on X posted that “For the little foot of CT that don’t get it, I’ll make a bold statement..$ETH will be trading around 4k$ next-weekend, then around its ATH early December before its local-top around 6k in early-mid January.”
For the little foot of CT that don’t get it, I’ll make a bold statement..$ETH will be trading around 4k$ next-weekend
— 0xJumanji (@cryptojumanji) November 15, 2024
Then around its ATH early December
Before its local-top around 6k in early-mid January https://t.co/EA2Z91R9q7 pic.twitter.com/1BTH1ztbD0
Another market analyst, Petrescu Robert supports the above prediction in a post he shared on X saying, “Smart money moves quietly. Accumulation at the lows and now we're watching for the next leg up. After a retracement to retest the range high, I’m expecting a move to $3,562 and then $3,997. $ETH”
Jake Pahor, a Defi creator and analyst, thinks about ETH more on the long term basis. He strongly believes that $ETH will rise above the current wave of criticism and could tank in 2025. In his post on X, he said “If you had $1 billion to deploy on-chain for DeFi interaction, which blockchain would you trust? My choice? Ethereum, hands down.”
Here's a controversial opinion: I'm bullish on ETH for 2025, despite the current wave of criticism.
— Jake Pahor (@jake_pahor) November 18, 2024
Consider this:
• ETH holds over 55% of all DeFi TVL ($60b).
• 400,000 active addresses in just the past 24 hours.
• More than 50% of all stablecoins are deployed on Ethereum.…
Furthermore, a Coinbase report revealed sentiments on social media platforms about Ethereum are mostly neutral. For example, their analysis on X shows that 38.93% of tweets about ETH bullish while 5.5% of tweets maintained a bearish stand.
Price Forecast for ETH in Coming Days
Here's an overview of some of the predictions from crypto price analytics website, including Binance, CoinLore and CoinGape:
- Friday, November 22 2024: According to CoinLore, ETH might be trading for $3,440 by the end of this day. However, CoinGape and Binance went more cautiously and predicted Ethereum to sell at an average price of $3,132.10 and $3,138.36 respectively.
- Saturday, November 23 2024: CoinLore projects that Ethereum will close the day with an average price of $3,454. However, CoinGape disagrees with this prediction but believes the token would improve from the previous day by 0.74%, averaging $3,155.36 in price.
- Sunday, November 24 2024: CoinLore is bullish on ETH outlook on the short term as it predicts the token would continue rising trends to peak at $3,484. In a similar but cautious fashion, CoinGape projects ETH to rise to $3,192.80.
- Monday, November 25 2024: CoinGape expects ETH to increase by at least 2.57% and reach $3,212.74, while CoinLore gave a similar prediction with an optimistic figure of $3,500.
- Tuesday, November 26 2024: According to CoinLore ETH will continue its gradual climb, reaching $3,529 on this day.
- Wednesday, November 27 2024: With the bullish sentiment surrounding ETH not likely to end anytime soon, CoinLore believes ETH could reach $3,561 by the end of this day.
- Thursday, November 28 2024: CoinLore’s prediction for this day is an average price of $3,589. On the other hand, Binance projects ETH won't surpass $3,140.88.
Emmanuel Ekokotu
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