CandleFocus What to Expect from Ethereum (ETH) in November 2024: Analysts Weigh In
2024-10-31
Author: Content Editor
Ethereum (ETH) has traded within a narrow range in October, facing resistance at $2,736 and finding support at $2,326. Analysts anticipate a potential rally, but ETH must break through its resistance level to confirm bullish momentum. Victor Tan, CEO of TrinityPad, believes Ethereum could reach the $3,500 to $4,000 range by November due to advancements in Layer-2 solutions and the growing integration of decentralized finance (DeFi) on the platform. However, Ethereum's DeFi sector has underperformed in the past month, leading to low confidence. Ethereum's total value locked (TVL) only increased by 2%, while competing networks like Solana and Aptos saw significant growth. The decline in activity on the Ethereum network has increased its circulating supply and exerted downward pressure on its price. An additional 38,598 ETH has been added to Ethereum's circulating supply in the past 30 days, which may contribute to short-term price volatility if network activity remains subdued.
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