The cryptocurrency industry witnessed a major shift in trend. Several assets recorded a massive rise. Amidst this, Ethereum (ETH) also saw an uptick. Despite failing to hit the $3,000 mark, the world’s largest altcoin managed to rake in endorsements.
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How is Ethereum Faring At The Moment?
ETH has been moving quite slowly throughout the year; the asset barely recorded a major rise in its price. But the asset was seen turning over a new chapter with Donald Trump’s latest victory. Ethereum witnessed a spike of 15% over the past seven days. The altcoin went from a low of $2,393 to a high of $3,000.
ETH was trading at $2,914.77 at press time, following a 3.74% rise in the last 24 hours.
Amidst this, the Tron blockchain network’s founder, Justin Sun, thinks there is still an opportunity for Ethereum to grow. Sun recently tweeted that he was optimistic about the health of the cryptocurrency industry, particularly regarding Ethereum.
With the improvement in macro crypto policies, we are very optimistic about the market outlook(including ETH). Instead of selling, we believe it's an excellent time to continue accumulating and building.
— H.E. Justin Sun🌞(hiring) (@justinsuntron) November 7, 2024
The man behind Tron said he is certain that the market outlook is improving. He believes that now is the perfect moment for investors to concentrate on “accumulating and building” rather than selling off assets. Sun further cited improvements in macroeconomic policy to support his assertion.
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November Price Prediction
Ethereum has been trying to reach its all-time high of $4,891.70. Currently, the altcoin is 40% below this peak. According to CoinCodex, November forecasts indicate that the market trend will continue. This comes with a possible price increase of $2,983.90.
The market performance from the previous month impacts the predicted price range, which is between $2,903.93 and $3,060.36. If investors choose to purchase Ethereum at present prices and sell it at anticipated rates, they might see a gain of 4.82%.
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