November ETH Forecast: Upward, But Less Convincing

Although Ethereum (ETH) has experienced a similar upward trend as the majority of the cryptocurrency market in recent weeks, the intensity of its ascent has been comparatively less decisive than that of other prominent cryptocurrencies.

Nevertheless, given that it is significantly higher than its October peaks as of the publication, we opted to consult artificial intelligence (AI) regarding the prospects for the conclusion of November.

The algorithms of PricePredictions, a platform for cryptocurrency analytics and forecasts, estimate that Ethereum will be worth $1,903 on November 30th, based on data accessible as of November 2nd.

The estimation, which was derived utilizing several significant technical analysis (TA) indicators, including the relative strength indicator (RSI), Bollinger Bands (BB), moving average convergence divergence (MACD), and average true range (ATR), anticipates that the cryptocurrency will continue to rise.

Nonetheless, the anticipated increase in ETH’s value throughout November is considerably less substantial than the surge in late October.

This is consistent with a recent development that has benefited bears on Ethereum.

The ‘ProShares Short Ether Strategy’ is an exchange-traded fund (ETF) designed to provide the inverse of the daily performance of the Standard & Poor’s CME Ether Futures Index. It was announced in reports on November 2.

Conversely, CoinCodex algorithms predicted in October that Ethereum would conclude 2023 substantially in the green.

At the time, AI indicated that the price of ETH could reach $2,553 on December 31.

Despite unforeseen circumstances, the price of ETH is $1,808.56 as of this writing, representing a 0.88 percent increase over the previous twenty-four hours.

Furthermore, its performance in the latter part of October has been exceptional, resulting in a monthly increase of over 5%.

ETH, on the other hand, has not risen as much above its values for the remainder of 2023 compared to many other cryptocurrencies despite undergoing several significant upgrades this year, including the highly anticipated “Shapella” upgrade.

As of the publication date of November 2, both Bitcoin (BTC) and Solana (SOL) are hovering very close to their year-to-date peaks.