Can Ethereum Price Hit $5K in November?

Ethereum’s native token, Ether (ETH), surged as optimism grew over a potential US–China trade breakthrough, lifting risk appetite at the start of a crucial week dominated by the Federal Reserve’s policy meeting and earnings from major tech giants.

The second-largest cryptocurrency rose 8% to over $4,250 on Monday, extending its recovery momentum from Oct. 10 low of $3,435.

A confluence of bullish technical and onchain signals now points to a potential rally toward $5,000 by the end of November. Let’s break down the catalysts driving this move.

MVRV Bounce Hints at Renewed Upside Toward $5K

Ethereum’s price is rebounding from its MVRV mean, a level that has repeatedly acted as mid-cycle support during previous uptrends.

The bounce signals that market participants are accumulating rather than distributing, setting the stage for a potential move toward the +1σ deviation band.

Historically, ETH rallies have accelerated after reclaiming the +1σ line, with the next statistically stretched zone around +2σ aligning with the $5,000–$5,200 range.

The model’s structure supports this outlook: the realized price continues to trend higher, showing fresh inflows, while the lower deviation bands are curling upward, both signs of a strengthening, not exhausted, bull phase.

ETH Bull Flag Pattern Targets $5,400 Breakout

Ethereum’s recent consolidation takes the shape of a bull flag, a continuation pattern that typically appears after strong uptrends. The structure, defined by two downward-sloping parallel trendlines, reflects a period of profit-taking that often precedes renewed buying pressure.

ETH has rebounded from the flag’s lower boundary near $3,900 while maintaining support above its 20-day EMA ($4,140) and 50-day SMA ($3,700)—a bullish sign of trend stability.

A decisive breakout above the flag’s upper trendline near $4,400 would confirm the pattern, projecting a price target equal to the flagpole’s height. That measurement points to a potential move toward $5,300–$5,400, aligning with the +2σ zone from the MVRV model.

Momentum indicators reinforce this view: the RSI has bounced from neutral territory. Together, they suggest Ethereum may be preparing for another leg higher toward $5,000 and beyond.