Ether update
Ethereum (ETH) has seen shifting momentum this week as some signals of institutional interest clash with broader market caution.
Recently, trader sentiment around Ethereum turned more upbeat, with data showing growing bullish activity despite the wider crypto market remaining in a state of fear.
One of the latest headlines comes from a new report which highlighted that the proposed price target of $60,000.00 for ETH – promoted by Tom Lee – has been called into question by other analysts who argue that the assumptions behind the forecast, such as rapid real-world asset tokenisation, may not materialise as quickly as hoped.
On the technical front, Ethereum’s drop to the $3,060.00 in early November in the face of weak ETF flows and risk-off sentiment, reflected how quickly momentum can turn.
But amidst the turbulence, there were signs of stabilisation as ETF outflows moderated, ETH and other major tokens were showing signs of consolidation near key support levels.
In the near term, the battle for Ethereum appears to hinge on whether its institutional narrative holds up: will investment firms translate interest into substantial flows, and will on-chain fundamentals such as addresses and activity reflect that interest? If they do, ETH could regain traction. If not, the recent softness may persist until clearer catalysts emerge.
Ether bearish case:
While Ether remains below its 10 November high at $3,658.13, the August-to-November downtrend remains intact.
For now traders seem happy to keep the ETH price around the 200-day simple moving average (SMA) at $3.440.63 while waiting for a catalyst to either drive prices higher or lower.
A fall through and daily chart close below the 11 November low at $3,405.00 may lead to the 7 November low at $3,195.04 being revisited and the early November low at $3,060.29 too.
Ether bullish case:
Were Ether to rise and close on a daily basis above its 10 November high at $3,658.13 and manage to break through its resistance zone which reaches to the 4 August high at $3,736.79, bullish momentum may take its price to the early November high at $3,916.58.
Only a rise and daily chart close above the $3,916.58 peak may lead to the bulls pushing Ether towards the mid-to-late October highs at $4,252.99-to-$4,294.03.