Ethereum (ETH), despite being the biggest player in the ecosystem, is unable to provide the strong price increases that its competitors experience. This leads investors to turn to other cryptocurrencies that they see as having greater growth potential. Nevertheless, Ethereum still has a large community and continues to remain the largest smart contract platform.
After Bitcoin dropped to $37,700 following a rise above $38,000, the price of Ethereum is at $2,100. Although the ETH price has not been satisfactory since the beginning of October, it shows a steady increase. The spot ETH ETF applications made by BlackRock and Fidelity are important factors behind this movement.
On November 10th, the ETH price reached its yearly peak at $2,136. Despite the fluctuations caused by events in the cryptocurrency markets, the price started to rise again as of November 17th. With the positive developments this week, the ETH price is once again hovering around $2,100.
According to analysts’ predictions, the price will continue to rise towards the highest level of the year and open up new highs. $2,045 was an important level for short-term sustainability, and it is stated that it would not be surprising for the price to now move towards local highs and test the $2,300 level.
Based on the daily chart’s Elliott wave count and ETH RSI, ETH completed a five-wave upward movement and is likely to extend its rally to strong resistance at $2,530 following an A-B-C correction. In the most optimistic scenario, the ETH price could progress towards the $3,000 target with weekly closes above $2,530.
