Story Highlights
· The current OI is more than double Ethereum’s all-time high level in November 2021.
Ethereum (ETH) open interest (OI) surged 8.9% over the past 24 hours to a new all-time high of $22 billion.
· If Ethereum (ETH) closes above the $3,550 level, it could surge by 15% to $4,100 levels.
Despite the bearish cryptocurrency outlook, Ethereum (ETH), the world’s second-largest cryptocurrency, is poised for a notable upside rally. Bullish price action patterns and record interest from traders support this positive outlook.
Ethereum holdings hit a record high
On November 26, 2024, on-chain analysis company Coinglass revealed that Ethereum (ETH) open interest (OI) surged 8.9% in the past 24 hours to a record high of $22 billion. The current OI is more than double the level of Ethereum's all-time high in November 2021.
This highlights the growing interest among traders in the asset and has the potential to push the altcoin to new highs in the coming days.
Bullish Catalysts Supporting a Surge in ETH Price
In addition to the surge in open interest, Ethereum has been gaining support from recent developments such as bullish price action, the upcoming resignation of Gary Gensler (SEC), political support for cryptocurrency advocate Donald Trump, and other factors.
Ethereum (ETH) Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, Ethereum is on the verge of breaking above the strong resistance level of $3,500 for the first time since July 2024. However, it is currently consolidating in a narrow range between the $3,290 and $3,480 levels.
Based on the recent price action, a breakout of the consolidation along with the resistance levels could significantly propel ETH upwards.
Based on historical price action, if ETH breaks out of the resistance and closes a daily candle above $3,550, there is a high chance that it could surge by 15% to $4,100 levels in the coming days.
Currently, the asset is trading above the 200 exponential moving average (EMA) on the daily timeframe, indicating an uptrend. This indicator is often used by traders and investors to determine whether an asset is in an uptrend or a downtrend.
Meanwhile, ETH’s relative strength index (RSI) remains below 70, suggesting that the asset is not yet in overbought territory and still has room to surge in the coming days.
Current Price Momentum
At press time, Ethereum is trading near $3,475, having gained 4.10% over the past 24 hours. Its trading volume has surged 72% over the same period, indicating increased participation from traders and investors as the asset’s bullish outlook grows.
Story Highlights
· The current OI is more than double Ethereum’s all-time high level in November 2021.
Ethereum (ETH) open interest (OI) surged 8.9% over the past 24 hours to a new all-time high of $22 billion.
· If Ethereum (ETH) closes above the $3,550 level, it could surge by 15% to $4,100 levels.
Despite the bearish cryptocurrency outlook, Ethereum (ETH), the world’s second-largest cryptocurrency, is poised for a notable upside rally. Bullish price action patterns and record interest from traders support this positive outlook.
Ethereum holdings hit a record high
On November 26, 2024, on-chain analysis company Coinglass revealed that Ethereum (ETH) open interest (OI) surged 8.9% in the past 24 hours to a record high of $22 billion. The current OI is more than double the level of Ethereum's all-time high in November 2021.
This highlights the growing interest among traders in the asset and has the potential to push the altcoin to new highs in the coming days.
Bullish Catalysts Supporting a Surge in ETH Price
In addition to the surge in open interest, Ethereum has been gaining support from recent developments such as bullish price action, the upcoming resignation of Gary Gensler (SEC), political support for cryptocurrency advocate Donald Trump, and other factors.
Ethereum (ETH) Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, Ethereum is on the verge of breaking above the strong resistance level of $3,500 for the first time since July 2024. However, it is currently consolidating in a narrow range between the $3,290 and $3,480 levels.
Based on the recent price action, a breakout of the consolidation along with the resistance levels could significantly propel ETH upwards.
Based on historical price action, if ETH breaks out of the resistance and closes a daily candle above $3,550, there is a high chance that it could surge by 15% to $4,100 levels in the coming days.
Currently, the asset is trading above the 200 exponential moving average (EMA) on the daily timeframe, indicating an uptrend. This indicator is often used by traders and investors to determine whether an asset is in an uptrend or a downtrend.
Meanwhile, ETH’s relative strength index (RSI) remains below 70, suggesting that the asset is not yet in overbought territory and still has room to surge in the coming days.
Current Price Momentum
At press time, Ethereum is trading near $3,475, having gained 4.10% over the past 24 hours. Its trading volume has surged 72% over the same period, indicating increased participation from traders and investors as the asset’s bullish outlook grows.
