Ethereum (ETH) is the second-largest cryptocurrency by market capitalization globally, having broken key levels and is currently under significant attention from investors and traders. As of November 28, 2024, ETH has broken strong resistance levels indicating a promising significant upward rebound.
Ethereum technical analysis and upcoming levels.
The sentiment for ETH has strongly turned bullish. In addition to breaking the support level of $3,550, this altcoin has also broken out of its five-day consolidation range.
A breakout near the resistance level in this area is considered successful, as significant accumulation has been observed recently in this area.
Ethereum (ETH) price prediction.
Based on recent price trends, if ETH maintains above $3,580, it is very likely to rise by 14% in the coming days, reaching the $4,000 mark, and if bullish sentiment persists, it may rise further.
On the positive side, ETH is trading above the 200-day exponential moving average (EMA) on the daily chart, indicating an upward trend. Additionally, its relative strength index (RSI) suggests a possible upward rebound in the coming days. Currently, the RSI for ETH on the daily chart is below the 70 level, indicating there is still room for further increases.
The open interest of ETH continues to rise.
In addition to technical analysis, on-chain indicators further support the bullish outlook for ETH. The trader participation in ETH has reached an all-time high. The open interest (OI) of ETH soared by 15% in the past 24 hours, indicating a significant increase in new positions during this period.
Under the intense attention of traders, the open interest (OI) of ETH has reached a historic high of $23.56 billion for the first time. Previously, the highest open interest for ETH was around $10 billion. This data highlights the growing interest and confidence of traders in altcoins.
Current price momentum.
As of the time of writing, ETH is trading close to $3,612, with a price increase of over 10% in the past 24 hours. However, during the same period, its trading volume decreased by 9%, indicating a decline in trader and investor participation compared to the previous day.