Ethereum (ETH) is positioning for a period of steady consolidation this November, according to a popular crypto analyst. This phase could set the stage for a significant price breakout and accelerated growth in December.
Renowned analyst @IamCryptoWolf shared this technical outlook on the X platform. He indicated that Ethereum is currently undergoing an “expanded wedge retest.” Crucially, he noted that previous resistance levels have now solidified into strong support, a technically bullish signal for the asset’s foundation.
Analyst’s Track Record and Credibility
@IamCryptoWolf brings a decade of experience to his analysis. He has been sharing his analytical perspectives since 2014 on TradingView. Furthermore, he has built a substantial following, now commanding an audience of 113,000 followers on the X platform. This long-term presence adds significant weight to his market predictions.
The Technical Setup for Ethereum’s Price
The “expanded wedge retest” is a key chart pattern that often precedes a major price movement. The current consolidation allows the market to build energy and establish a higher base of support. Consequently, this period of stability is a healthy and necessary step before any sustained upward trend.
November and December Price Trajectory
The forecast outlines a clear two-stage path for Ethereum:
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November: Expect steady consolidation as ETH retests its new support levels. Price action will likely remain in a defined range without major breakouts.
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End of Month/December: A potential breakout is anticipated, which could then trigger a phase of accelerated growth as new buyers enter the market.
This analysis suggests that investors should view any November price dips as a normal part of the cycle rather than a sign of weakness.