Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, has breached a crucial level and is currently drawing significant attention from investors and traders. As of today, November 28, 2024, ETH’s breakout from a strong resistance level indicates a potential for a notable upside rally.
Ethereum Technical Analysis and Upcoming Levels
According to Coinpedia’s technical analysis, ETH’s sentiment has strongly shifted toward the bullish side. In addition to breaching the horizontal support level of $3,550, the altcoin has also broken out of its five-day consolidation zone.
This breakout near the resistance level is considered successful, as notable accumulation has recently been observed in this zone.
Source: Trading View Ethereum (ETH) Price Prediction
Based on recent price action, if ETH sustains above the $3,580 level, there is a strong possibility it could rally by 14% to reach the $4,000 mark in the coming days, with the potential to climb even higher if bullish sentiment persists.
On the positive side, ETH is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Additionally, its Relative Strength Index (RSI) suggests a potential upside rally in the coming days. Currently, ETH’s RSI on the daily time frame is below the 70 level, indicating there is still room for further growth.
ETH’s Rising Open Interest
Besides technical analysis, on-chain metrics further support ETH’s bullish outlook. Data from the on-chain analytics firm Coinglass reveals record trader participation in ETH. According to Coinglass, ETH’s Open Interest (OI) has surged by 15% in the past 24 hours, indicating a significant increase in new positions during this period.
With significant attention from traders, ETH’s Open Interest (OI) has reached a record high of $23.56 billion for the first time. During ETH’s previous all-time high, its OI was approximately $10 billion. This data highlights the growing interest and confidence traders have in the altcoin.
Current Price Momentum
At press time, ETH is trading near $3,612 and has experienced a price surge of over 10% in the past 24 hours. However, during the same period, its trading volume dropped by 9%, indicating lower participation from traders and investors compared to the previous day.
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Breakout Alert! Ethereum (ETH) Price Prediction for November 28 was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.