Key Insights:
- Ethereum price remains within Ted Pillows’ $2,200–$2,250 support zone.
- Ted Pillows outlined a $2,350–$2,400 ETH price target if support holds.
- Farside reported $93.19 million in Ethereum ETF outflows on November 6.
Ethereum (ETH) price remained near Ted Pillows’ support area in the supplied market snapshots. CoinGecko listed ETH at $2,223.05, down about 0.5% over 24 hours. It traded between $2,222.96 and $2,242.93 during that period, leaving ETH price within the analyst’s $2,200–$2,250 zone.
Ethereum price charts showed declines across longer periods: 1.6% over seven days, 10.4% over 30 days, and 34% over one year. It also listed a market capitalization of $271.721 billion.
A separate weekly Ethereum price chart, attributed to Ted Pillows and based on Binance data, showed ETH at $2,236.91. Its latest candle was down 1.69%, after opening at $2,275.30, reaching $2,450, and falling to $2,206.28.
The price later moved above $2,230, remaining inside the stated support zone. However, the weekly candle was still forming, so the chart did not confirm a sustained hold. ETH price also traded slightly above the chart’s 20-week Bollinger middle band, near $2,219.27.
Ethereum Price Forecast Sets Conditional Targets
Against this price backdrop, Ted Pillows described ETH price as consolidating around support. He said the token could rise toward $2,350–$2,400 next week if buyers defend the $2,200–$2,250 area.
From the weekly chart’s $2,236.91 level, that target range is about 5% to 7% higher. The Ethereum price forecast remains conditional on support holding, while the latest candle shows the zone is still being tested.
The same chart identifies resistance near $2,800.47, followed by another marked zone around $3,447.44. Below the current price, it marks support at $1,965.22. Further levels appear near $1,713.44 and $1,390.
The chart’s upper and lower Bollinger bands stand at $2,905.86 and $1,532.68, respectively. These are the ETH price levels shown in Pillows’ analysis alongside the nearer support zone and potential rebound target.
Ethereum (ETH) Store-of-Value Case and ETF Flows
Beyond the chart levels, analyst Merlijn The Trader compared Ethereum’s market setup with NVIDIA’s history. He referenced the lack of attention NVIDIA received in 2015, followed by eight years of underperformance and a later breakout. Merlijn described ETH as infrastructure institutions build on. He also said the ETH/BTC pair was breaking its own multi-year downtrend.
Separately, Vitalik Buterin argued that Ethereum should focus more on ETH as a store of value than on its fee-burning role. He said fee burns had never provided as strong a valuation floor as they might appear to offer.
He also argued that maximizing fee generation could require choices that conflict with decentralization and resistance to capture. Instead, Buterin pointed to decentralization and CROPS as Ethereum’s distinctive strengths.
Buterin used CROPS to refer to censorship and capture resistance, open-source development, privacy, and security. He linked those qualities to stability, which he described as a practical benefit for people who place assets on Ethereum.
He added that Ethereum should not be concerned if fee burn remains below 10% of breakeven indefinitely. In his view, ETH’s value can come from sources other than fee burns.
Amid the ETH price analysis, Farside Investors reported $93.19 million in net outflows from U.S. spot Ethereum ETFs on Nov. 6. That marked the second consecutive day of negative flows. The previous day recorded nearly $100 million in outflows.
This article provides market information, not financial advice. Cryptocurrency prices are volatile, and analyst forecasts cannot guarantee returns. Readers should conduct independent research and consult a qualified financial professional before making investment decisions.
