TL;DR

• Despite the recent dip, some analysts suggest Ethereum (ETH) could hit a fresh peak if it doesn’t drop below an important level.
• In contrast, veteran trader Peter Brandt and other indicators signal a further correction in the short run.

New ATH Remains Possible

Ethereum (ETH) followed the overall pullback in the crypto sector witnessed today (November 1), registering a 5% daily plunge. It currently trades at around $2,500 (per CoinGecko’s data) with a market capitalization of a little over $300 billion.

Despite the negative trend, some analysts outlined bullish predictions. The X user Ali Martinez reiterated his prognosis that ETH has a chance to hit a new all-time high of $6,000 if it stays above the $2,400 resistance zone.

Another individual who chipped in is Poseidon. The analyst promised to cash out their ETH holdings if the price plummets below $2,450 and “won’t go long again.” The last time the valuation dipped to that mark was on October 26.

For their part, CryptoBullet shared a mid-term perspective, predicting a pump to $3,700 in the following two months:

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Author: Dimitar Dzhondzhorov