Analyst's Shift in Sentiment
Ethereum, the smart-contract kingpin, is shrugging off bearish noise with a defiant macro stance, according to influential analyst XForceGlobal. In a November 6 X thread, the trader—who once ranked among ETH’s fiercest skeptics—declared a bullish conversion: “Irony at its finest. I used to be one of the biggest bears on #Ethereum. Now, in a sea of bears, I find myself bullish.” Fast-forward to November 15: XForce doubles down, posting a clean TradingView chart of $ETH with the caption, “Don’t let the bears get to you… #ETH is still trading above the 61.8%, and is well within healthy bullish territory.”
Technical Analysis and Price Projections
The chart tells the story. A multi-year log-scale uptrend line connects 2022 lows to 2025 highs, with price action respecting the 61.8% Fibonacci retracement (~$3,050) as dynamic support. A teal demand zone between $2,800–$3,100 highlights institutional accumulation, while a rising trendline projects toward $4,200. “I’m not here to celebrate calling the pullbacks correctly like everyone else,” XForce writes. “I’m focused on the macro structure and looking for opportunity at each level.”
Current Market Performance and On-Chain Data
At press time, ETH sits at approximately $3,280—up 1.8% in 24 hours—outperforming Bitcoin’s 0.3% crawl and Solana’s 2% dip. On-chain data backs the resilience: exchange outflows hit a 30-day high of 182K ETH, per Glassnode, while staking deposits surge past 34 million, locking ~28% of supply. The Ethereum Foundation’s Fusaka upgrade—live since November 5—has slashed blob fees 40%, boosting L2 throughput and DeFi TVL to $118 billion.
Potential Upsides and Market Outlook
Still, risks lurk. Bitcoin dominance near 60% siphons momentum, and a macro squeeze from rising Treasury yields could test $3,000. Yet XForce’s pivot resonates: pullbacks are “healthy,” not fatal. If ETH holds the 61.8% zone and reclaims $3,500 resistance, analysts see a path to $4,000 by Q1 2026, fueled by ETF inflows and institutional restaking narratives. In a market drunk on fear (Fear & Greed Index: 15), XForceGlobal’s macro lens cuts through noise. Ethereum isn’t chasing Bitcoin—it’s building its own runway. For traders, the message is clear: respect the structure, buy the dip, and let the bears howl.