🔮 What to expect from the price of Ethereum ($ETH ) in November?
📊 Ethereum ($ETH) ended October with a decline of 6.8%, but historical and on-chain data indicate that November tends to be a positive month — with an average increase of 6.9% over the last eight years and a gain of 47% in November 2024.
📈 Historical and technical fundamentals
Even after falling nearly 3% in the last 24 hours, ETH continues to show signs of reversal.
The NUPL (Net Unrealized Profit/Loss) indicator fell from 0.43 to 0.39, indicating a reduction in selling incentive — something that historically preceded double-digit increases in price.
If the support at $3,510 holds, ETH could target the range of $4,240 to $4,620, analysts say.
💬 "A break above $4,200 could pave the way for $4,500–$4,700, while a rejection could prolong the accumulation," said Shawn Young, chief analyst at MEXC.
🐋 Whales vs. investors
🐳 Whales accumulated 1.64 million ETH in October (around $6.4 billion), raising the total to 100.92 million tokens.
👥 The Holder Accumulation Ratio fell from 31.2% to 30.4%, showing that long-term investors have reduced exposure.
This behavioral divergence suggests that whales are positioning themselves early for a potential rise, while retail still shows caution.
🔍 Technical outlook
📊 The 2-day chart shows a hidden bullish divergence — with the price forming higher lows, while the RSI falls.
This reinforces the hypothesis that selling pressure is losing strength.
Resistances: $4,070 / $4,240 / $4,620
Supports: $3,790 / $3,510
"The macro structure remains constructive — staking, network usage, and demand for transactions remain strong," reinforces Young.
🧭 Summary of the scenario
✅ Favorable historical trends in November
✅ Consistent accumulation by whales
📅 If the historical pattern repeats, November could mark the beginning of a new bullish cycle for Ethereum.
