Ethereum’s price may decline significantly in November, with analysts predicting a drop to $1,550. Following a lackluster October, the cryptocurrency market remains under bearish pressure, and Ethereum has been no exception.
The second-largest digital asset by market cap opened October at around $2,400 and closed the month near $2,500, showing limited upward movement and raising concerns among investors.
No buy signals and bearish on-chain data
Crypto analyst Peter Brandt has pointed out the absence of any buy signals for Ethereum, emphasizing a bearish trend. Brandt recently stated that ETH has an unmet downside target of $1,551, representing a potential 62% drop from current levels. In a recent post, he noted that Ethereum’s price chart shows no signs of positive momentum, and a further decline appears likely if current patterns persist. Another analyst, Kotter, echoed this sentiment, suggesting that Ethereum may continue to underperform relative to Bitcoin, with the ETH/BTC chart trending toward the 0.0265 zone.
Halloween Sell-Off intensifies market downtrend
On October 31, the crypto market experienced a substantial sell-off, leading to significant declines across major cryptocurrencies. Ethereum’s price dropped over 5% within 24 hours, with the overall market losing 4.48%. Today, Ethereum is trading at around $2,522, representing a 4.2% decline from the previous day and a 0.7% drop from last week. On-chain data from CoinGecko highlights a bearish sentiment throughout the market, with the global crypto market cap now at $2.46 trillion.
Source: X
Potential support levels and ETF inflows offer mixed signals
Despite the pessimistic outlook, some analysts see potential support for Ethereum if it can form a higher low within its current demand zone. Analyst Mammon noted that Ethereum is approaching a crucial level that could act as a springboard for a bullish reversal if maintained. Additionally, spot Ethereum ETFs have seen positive inflows over the past three days. The BlackRock Ethereum ETF reported $50 million in inflows on October 31, partially offset by $36.6 million in outflows from the Grayscale Ethereum ETF, resulting in a net gain of $13 million.
Source: X
Macroeconomic factors may also play a role in Ethereum’s price direction. Crypto analyst Michael van de Poppe pointed to upcoming U.S. unemployment data as a potential influence on the market. Additionally, the U.S. general elections could impact investor sentiment, with former President Donald Trump’s pro-crypto stance likely to attract attention if he wins