1 month ago
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After a rocky start, Ethereum (ETH) remained within a tight trading range throughout October, encountering resistance around $2,736 and holding support near $2,326.
As November kicks off, analysts say Ethereum could see a price boost — but only if it can break past this resistance. This move would signal the beginning of a potential upward trend.
Potential Drivers and Setbacks for Ethereum’s Price
Victor Tan, CEO of TrinityPad, predicts that Ethereum might test the $3,500 to $4,000 range by November. He points to progress in Layer-2 solutions and expanding DeFi projects on Ethereum as likely drivers. Yet, the DeFi sector’s sluggish performance could still dampen the outlook.
Data from DeFiLlama shows Ethereum’s total value locked (TVL) grew by just 2% in October. In contrast, competitor networks like Solana surged by 12%, and Aptos skyrocketed by 47% in TVL. This low TVL growth reflects waning interest in Ethereum. Artemis data reveals a 25% drop in daily active addresses, now averaging 324,745, which has also led to a 13% dip in transaction volume over the past month.
Rising Ethereum Supply Could Fuel Price Fluctuations
The network’s slow activity has reduced Ethereum’s burn rate, leading to an increase in circulating supply. Data from Ultrasoundmoney shows that an additional 38,598 ETH, worth over $98 million, entered circulation in the last month. This growing supply may create short-term price volatility if user activity fails to recover in November.
Whether Ethereum breaks through or lags behind will hinge on whether it can reignite demand and reclaim its DeFi momentum as competing networks gain ground.
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