Ethereum Climbs 40% in November, Staking Hits ATH, What’s Next?

Key Notes

Ethereum (ETH) surged 40% in November, reaching $3,500, a high not seen since July.Weekly net inflows for Ethereum staking hit 10,000 ETH, indicating a significant shift towards reduced supply.Analyst Santana predicts Ethereum's long-term price targets between $5,300 and $15,300, highlighting a favorable outlook. 

Ethereum ETH $3 463 24h volatility: 3.8% Market cap: $418.42 B Vol. 24h: $33.71 B has attracted substantial attention in crypto markets in November so far. The leading altcoin experienced a 40% value surge, crossing the $3,500 mark for the first time since July. Despite Bitcoin (BTC) achieving multiple all-time highs during the same period, Ethereum demonstrated notable resilience and growing appeal among investors.


 
 
 

In the past week alone, Ethereum gained 12.60%, with its price rising sharply from $3,031 to a peak of $3,515. Simultaneously, the market witnessed a record-breaking increase in Ethereum staking activity. Crypto analyst Maartunn revealed that weekly net flows for ETH staking reached unprecedented levels, signaling a significant market shift. Previously, staking withdrawals consistently exceeded deposits, underscoring the importance of this new trend.


 — Maartunn (@JA_Maartun) November 24, 2024
 
 
 

Ethereum Staking Records 10K ETH Net Inflow


 
 
 

According to IntoTheBlock, Ethereum staking has experienced a notable turnaround, with a weekly net inflow of 10,000 ETH after prolonged outflows. Recent data reveals that 115,000 ETH was deposited against 105,000 ETH withdrawn. This shift signifies reduced supply, which may curtail inflation and bolster prices. The balance of diminishing supply alongside rising demand often ignites price rallies, strengthening Ethereum’s position in the market.




 
 
 

Higher prices and improved staking infrastructure have played a key role in this resurgence. Enhanced systems for staking incentivize investors to lock up their ETH, effectively shrinking the circulating supply. A rising stock-to-flow ratio underscores this scarcity, a critical driver of asset value that typically elevates prices when demand stays robust.


 
 
 

Additionally, major holders are expanding their ETH positions, as evidenced by increased monthly staking inflows. This activity highlights growing confidence among large investors, amplifying buying pressure and tightening supply. Their accumulation of ETH injects upward momentum, reinforcing the trend of rising prices.


 
 
 

The interplay between heightened staking activity and increasing value has amplified Ethereum’s market performance. ETH, currently trading slightly above $3,500, reflects a 4.50% gain in the last 24 hours. Sustained buying dominance could propel prices beyond the $3,560 resistance level, paving the way for further growth.




 
 
 

Analyst Predicts Ethereum to Hit $5,300 – $15,300


 
 
 

Crypto analyst Alan Santana from TradingView anticipates a positive long-term trajectory for Ethereum. He likened ether’s characteristics to a pervasive, weightless element, emphasizing its intrinsic value and broad presence. Analyzing Ethereum’s performance on the weekly chart, Santana pointed to consistent growth, signaling a favorable outlook for the crypto sector.


 
 
 

“Let’s argue, $11,300 or $15,300? […] I have a better explanation, of course. I considered another option. Choose from $7,300, $11,300, or $15,300 […] You know what? $5,300 will be easy, representing a 60% increase and a new All-Time High from the current price,” said Santana.



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