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Fundamentals of Ether (ETH) are strongly tied to the overall cryptocurrency market, which remains in “supported” after growing speculations around the first Bitcoin ETF approval in the U.S.

Many crypto analysts stated that the SEC will likely give the green light for the first Bitcoin ETFs before the end of January 2024 but there are still uncertainties that are connected with ethical and security reasons.

Ether has advanced from $1,543 to $1,867 since October 19, 2023, and the current price stands at $1,814. But where is the price of ETH going next, and what can we expect from November 2023?

Today, Crypto Lists will discuss ETH price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Additionally, we use ‘Ether’ when talking about the coin and ‘Ethereum’ when discussing the network, as this is the correct terminology.

Fund managers view Ethereum as the digital asset with the most promising growth prospects

Ethereum’s value saw a significant upturn after a period of consolidation, drawing the interest of investors and traders, particularly those involved in the speculative perpetual futures market. Many analysts from the cryptocurrency space said that it appears highly probable that the SEC will approve a Bitcoin ETF by the end of January 2024 which would probably stimulate the cryptocurrency market even more by attracting substantial institutional investments, primarily from hedge funds.

The SEC approval of such ETFs would significantly boost demand for Bitcoin, which will positively influence the price of Bitcoin and many other cryptocurrencies. Positive movements in Bitcoin often lead to increased investor confidence, and when Bitcoin experiences significant price movements, it tends to impact the value of many other cryptocurrencies, including Ethereum (ETH).

Encouragingly, a survey conducted by CoinShares reveals that fund managers currently view Ether as the digital asset with the most promising growth prospects. In a CoinShares survey, digital asset fund managers were inquired about their perspective on the most promising digital asset. Nearly 45% of survey participants favored Ether, while approximately 39% expressed their belief in Bitcoin’s growth potential. Additionally, a noteworthy 6% of participating fund managers leaned toward Solana as their preferred choice. CoinShares analysts said in Monday’s survey report:

“Ethereum is seen to be the digital asset with the most compelling growth outlook. This is reflected in the recent large validator entry queue which indicated a high demand for its yield.”

Rating: 9.5/10
Supply: 118,780,000 / 200,000,000
Release date: August 1, 2014

Description: Buy Ether from a Crypto Lists approved exchange!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

Ethereum could break the psychological level of $2,000

Prominent cryptocurrency analyst Dmitry Noskov, associated with the European trading platform StormGain, has also recently shared his insights on Ethereum (ETH) and disclosed his projections for where ETH is expected to be by the year’s end. His predictions were fueled by the current growth of the cryptocurrency market due to the forthcoming Bitcoin halving in 2024 and he expects that the crypto market will continue to grow till the end of the year, and Ethereum is set to grow with it.

According to Dmitry Noskov, the target for Ethereum before the new year may be $1900 but it can also break the psychological level of $2,000. It is also important to say that Dmitry’s ETH forecasts are also influenced by the enthusiasm and support from the cryptocurrency community, as well as the favorable developments related to the potential approval of a Spot Bitcoin exchange-traded fund (ETF).

However, investors should keep in mind that cryptocurrency markets are notoriously volatile, and there are expectations of “market turbulence” in the weeks ahead. The Federal Reserve held interest rates steady this Wednesday for the second consecutive meeting, leaving the central bank’s benchmark lending rate at its highest level in 22 years while the possibility of one more rate hike by the end of this year is still on the “table”.

The U.S. economy’s strength and strong labor market could warrant further Federal Reserve interest rate increases and investors will watch carefully the October job report that the Bureau of Labor Statistics will release this Friday. Geopolitical uncertainty could also trigger risk-off movement from the cryptocurrency market, and the focus of investors also remains on escalating tensions in the Middle East between Israel and the Palestinian Islamist group Hamas.

Technical analysis for Ethereum (ETH)

Ethereum has advanced more than 20% since October 19, 2023, rising from $1,543 to a high of $1,867. The current price of Ethereum (ETH) stands at $1,814 and despite the minor correction, bulls continue to control the price movement. Many analysts say that more investors could purchase ETH in the weeks ahead, and as long the price of ETH is above $1,700, the price of this crypto remains in the BUY-ZONE.

Technical analysis for Ethereum (ETH)

Important support & resistance levels for Ethereum (ETH)

Important support & resistance levels for Ethereum (ETH)

On this chart (the period from January 2023), I marked important support and resistance levels that can help traders understand where the price could move. According to technical analysis, bulls control the price movement of ETH for now, and if the price advances above $1,900, the next target could be resistance that stands at $2,000.

The important support level is $1,700, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $1,600. If the price drops below $1,600, which also represents strong support, the next target could be located around $1,500.

What speaks for the rise in the Ethereum (ETH) price

The main reason for Ethereum’s current price surge is that it has been following the growth of Bitcoin, just like the rest of the cryptocurrency market. For the bulls to remain the control of price movement, a move above $2,000 would be beneficial. Growing speculations around the first Bitcoin ETF approval in the U.S. are certainly positive news for Ethereum, and according to many crypto analysts, the approval may not be far off.

What indicates a downfall for Ethereum (ETH)

The SEC approval for the first Bitcoin ETF in the U.S. would certainly positively influence the price of Ethereum, but investors should also keep in mind that regulatory concerns surrounding the cryptocurrency market can also have a spillover effect, dampening investor sentiment and lead to a broader market correction.

The highly volatile nature of the cryptocurrencies may scare investors again to sell ETH if some negative news happens in the cryptocurrency market – like BlackRock didn’t get the SEC approval or a prominent crypto firm going bankrupt. ETH has an important support level at $1,700, and a break below this level would indicate that ETH could probably test the support level that stands at $1,600.

What do analysts and experts say?

Growing speculations around the first Bitcoin ETF approval in the U.S. are certainly positive news for Ethereum, and a survey conducted by CoinShares reveals that fund managers currently view Ether as the digital asset with the most promising growth prospects. Nearly 45% of survey participants favored Ether, while approximately 39% expressed their belief in Bitcoin’s growth potential.

Prominent cryptocurrency analyst Dmitry Noskov expects that the crypto market will continue to grow till the end of the year, and Ethereum is set to grow with it. In the upcoming weeks, the price of ETH will continue to be notably impacted by the actions taken by the U.S. Securities and Exchange Commission (SEC), as well as concerns about a potential economic downturn, increasing tensions in the Middle East, and the proactive monetary strategies of leading central banks.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
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