Ethereum (ETH) continues to make waves in the cryptocurrency market as it breaks through a crucial resistance level, sparking interest among investors and traders alike. As of November 28, 2024, ETH’s breakout signals a potential upside rally that has caught the attention of market participants.
Technical Analysis and Forecast:
According to Coinpedia’s technical analysis, Ethereum’s sentiment has shifted towards the bullish side as it surpasses the $3,550 horizontal support level and exits a five-day consolidation zone. This successful breakout near the resistance level indicates significant accumulation in this zone, paving the way for further gains.
If ETH can maintain its position above $3,580, there is a strong possibility of a 14% rally towards the $4,000 mark in the days ahead. The cryptocurrency is currently trading above the 200 Exponential Moving Average (EMA) on the daily chart, signaling an uptrend. Additionally, the Relative Strength Index (RSI) suggests room for further growth, with the daily RSI below the 70 level.
Rising Open Interest:
On-chain metrics support Ethereum’s bullish outlook, with data from Coinglass showing a 15% surge in ETH’s Open Interest in the past 24 hours. This increase in new positions indicates growing trader participation, with ETH’s Open Interest hitting a record high of $23.56 billion, surpassing its previous peak of $10 billion during the previous all-time high.
Current Price Momentum:
At the time of writing, ETH is trading around $3,612, experiencing a price surge of over 10% in the past 24 hours. However, trading volume has decreased by 9% during the same period, suggesting lower participation from traders and investors compared to the previous day.
In conclusion, Ethereum’s breakout from key resistance levels and the growing Open Interest indicate a bullish trend for the cryptocurrency. Traders and investors are closely monitoring ETH’s price action as it continues its upward momentum, with the potential for further gains in the near future.