Ethereum Is on the Move Higher as Investors Eye $4,000 -- Can This Token Retake That Level Next Week?
Key Points
A number of macro factors have impacted megacap cryptocurrencies such as Ethereum.
This month's price action in the world's second-largest token has sent some investors scrambling for cover.
Here's the bull case behind why this recent dip may reverse in November and the months to come.
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One of the more intriguing charts to look at is Ethereum's (CRYPTO: ETH) one-month chart. Starting the month of October around the $4,100 level, Ethereum surged to a high of right around $4,750 before slumping below $3,700 at multiple points over the course of this month.
As we round out October, however, Ethereum has been building some momentum, now trading around $3,850 at the time of writing. As of noon ET on Friday, Ethereum's 3.1% 24-hour move was notable. That's not only due to this cryptocurrency's size, but also its importance to investors inside and outside the realm of crypto investing.
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Let's dive into whether the whole thesis around Ethereum is blown, or if this token can retake that key psychological level of $4,000 per token some time next month.
The case for $4,000 Ethereum in November
Image source: Getty Images.
October is traditionally known as the strongest month for cryptocurrencies, but of course that's not what played out this month. Some of this move has to do with broader risk management moves made by market participants, some of whom may be looking to take risk off the table. And some is likely due to shifting macro dynamics, with other key factors driving the price of megacap tokens in recent days (trade policy, macro policy, fiscal policy, take your pick).
But for Ethereum investors, there are unique catalysts to watch that may be more impactful over the near term. In late November (or early December), it's widely expected that a long-awaited upgrade will take hold, code-named Fusaka. This upgrade is expected to bring about PeerDAS, essentially building on last year's Dencun upgrade, which introduced "blobs," allowing for temporary storage of data on blocks held on the Ethereum network.
Fusaka aims to increase blob space on the Ethereum network, effectively allowing for greater efficiency and scalability, while reducing gas fees and processing time (key pain points for investors and users).
In my view, this key upgrade is likely to overshadow any of the other noise that is likely headed our way in recent weeks. Thus, I am among the investors who see $4,000 Ethereum as not only a probability, but a likelihood, over the course of the coming month.
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Chris MacDonald has positions in Ethereum. The Motley Fool has positions in and recommends Ethereum. The Motley Fool has a disclosure policy.
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