Ethereum’s price has been consolidating inside the $1,750–1,850 range for the last week. On-chain research insights offer insightful signals that point to the potential for ETH price to hit $2500 in November because of the activities of major investors.

Ethereum saw a decline relative to Bitcoin (BTC) during last week’s surge in the cryptocurrency market. On-chain research, however, indicates that a possible price rebound for ETH may occur in November 2023 as a result of heightened demand from institutional investors.

Ethereum’s recent performance is negligible compared to Bitcoin’s recent ascent to a new 2023 peak of $35,300 over the preceding week. BTC has gained 30% since September 30, while ETH has only increased by 8%.

On-Chain Signals Suggest An Increase In ETH Price In November

ETH Price To Hit $2500 in November

However, patterns in on-chain data show that in November, ETH gained traction thanks to the support of significant institutional investors. IntoTheBlock statistics indicate that on October 24, ETH recorded a significant 5,700 Large Transactions. Over the next few days, the Large Transaction Count continuously remained above 1,500.

Whale Transactions” in the context of cryptocurrencies are defined as daily transactions with a nominal value greater than $100,000. An encouraging sign that corporate investors with substantial funds are actively participating in the Ethereum market is the growing number of large ETH transactions.

This pattern is consistent with the rise that started in the middle of October, and ETH may be among the big winners in the next upswing if these whales keep providing liquidity.

Coinbase Premium Index Shows Many Investors are Pushing ETH Towards $2500

ETH Price To Hit $2500 in November

Another important on-chain indication of Ethereum’s bullishness among whales is the Coinbase Premium Index. Since October 14, this indicator has been positive, indicating that whale investors using Coinbase Pro are under a lot of buying pressure.

This indication is vital because Coinbase Pro draws high-net-worth investors and corporate entities with headquarters in the United States who are looking for a more regulated trading environment, whereas retail traders dominate Binance spot trading.

The last two times that the Coinbase Premium Index for ETH has trended positively for up to 20 days in a row, according to historical data, were in March and May of 2023, when the price of ETH crossed the $2,000 threshold. This upward trend has persisted for 16 days as of October 30.

Ethereum may reach $2,500 in November if whales continue to dominate the market for another week.

From an on-chain standpoint, whales’ consistent demand is a motivator that may propel Ethereum to $2,500 in the upcoming weeks. Based on their entry prices, the Global In/Out of the Money Around Price (GIOM) data classifies holders of Ethereum and lends support to this optimistic scenario.

It notes that the main obstacle to Ethereum’s ascent to $2,500 is the $2,100 price level. A considerable proportion of addresses have acquired Ethereum at an average price of $2,102, which is near the present annual peak. Increasing the purchasing pressure from bullish whales is necessary to break through this obstacle.

In conclusion, while the price of Ethereum reaching $2,500 in November is a possibility, it remains subject to various factors, including market sentiment, adoption, and external events. Investors should exercise caution and conduct thorough research before making any investment decisions.