Ethereum (ETH), the world’s second largest cryptocurrency by market capitalization, has crossed a crucial level and is currently receiving significant attention from investors and traders alike. As of today, November 28, 2024, ETH’s breakout from a strong resistance level indicates that ETH is poised for a notable upward rally.
Ethereum technical analysis and upcoming level
According to Coinpedia’s technical analysis, ETH’s sentiment has shifted sharply to the bullish side. In addition to breaking the horizontal support level at $3,550, the altcoin has also broken out of its five-day consolidation zone.
This zone breakout near the resistance level is considered successful as notable accumulation has been observed recently in this zone.
Ethereum (ETH) Price Prediction
Based on recent price action, if ETH remains above the USD 3,580 level, there is a high chance that it will rise 14% in the coming days to reach the USD 4,000 mark, with the potential to climb even higher if bullish sentiment continues .
On the upside, ETH is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Moreover, the Relative Strength Index (RSI) indicates a potential upward rally in the coming days. Currently, ETH’s RSI on the daily time frame is below the 70 level, indicating that there is still room for further growth.
ETH’s rising open interest
In addition to technical analysis, on-chain metrics further support ETH’s bullish outlook. Data from the on-chain analytics company Mint glass reveals the participation of record traders in ETH. According to Coinglass, ETH’s Open Interest (OI) has increased by 15% over the past 24 hours, indicating a significant increase in the number of new positions during this period.
Thanks to significant attention from traders, ETH’s Open Interest (OI) has reached an all-time high of $23.56 billion for the first time. During ETH’s previous all-time high, OI was around $10 billion. This data highlights the growing interest and confidence that traders have in the altcoin.
Current price momentum
At the time of writing, ETH is trading around $3,612 and has experienced a price increase of over 10% in the last 24 hours. However, during the same period, trading volume fell by 9%, indicating lower participation from traders and investors compared to the day before.