Ethereum (ETH) had a strong gain on Thursday, November 28, increasing by more than 6% in 24 hours, while Bitcoin (BTC) rose by 2.32%. This growth has made Ethereum to take market share of over 13.36% of the total $4.33 trillion cryptocurrency market capitalization.
Even though Bitcoin has been the best performing asset in 2024 with almost three times the gains of Ethereum. ETH still stands out when Bitcoin’s rally loses steam. The upward gap in ETH price is backed by significant trading volume above $42.4 billion.
Can Ethereum Reach $7,500?
Nevertheless, Ethereum is still a long way off from reaching its previous peak of $4,800, which it hit in 2021. As of today, ETH is trading at $3,595, showing a 14.23% increase over the past week Still, Ethereum’s recent rally has gotten the attention of traders and analysts who believe that the digital asset has more room to rise.
Popular analyst, Tony ‘The Bull’ Severino pointed out that Ethereum had a ‘SuperTrend buy signal’ that has always signaled a surge in prices. Similar buy signals in 2023 triggered ETH, and the asset spiked by 120%. Severino’s forecast is that if history is anything to go by then ETH could reach as high as $7,500.
From the technical aspect, the price of ETH demonstrates quite a strong bullish tendency. The price was discovered to have been pushed from $3,323 by the formation of a bullish engulfing candle its 24-hour high of $3,688. The trendline breakout here suggests a broadening wedge, and ETH is testing major Fibonacci resistance levels at the moment. Although, a 1.87% retracement on the intraday basis brought the price back to $3,589.
Ethereum ETFs See $90M Inflows
Ethereum’s price rise can also be attributed to an increased institutional demand for the token. On November 27, Ethereum ETFs had another positive week with total net inflows of $90.1 million which took the total net inflow for the year to $240.41 million. The biggest inflows are from Fidelity’s FETH ETF with $38.01 million and Grayscale and VanEck ETFs. This support is considered as positive sign for the future of Ethereum.
This is because the institutional support together with the rising prices of ETH have indicated that a change is on the way in the crypto market. The Altcoin Season Index (ASI) from Blockchaincenter.net is at 61 now, which is close to 75 that is the threshold to begin calling it “altcoin season.” If Ethereum keeps on going strong, it may help to kick off an even broader altcoin market rally.
Analyst Jelle unveiled analysis on X saying that ETH is slowly positioning itself for a major move. He thinks that the current bearish pressure on the coin is almost over and once this bearish pressure gets out the coin can go through a phase of high volatility.
ETH has slightly gone back from its daily high but the overall trend remains positive. Further rise in the trend may push Ethereum past the $3,668 barrier and head towards the next goal at $3,800. Nonetheless, the $3,400 could act as support in the event of U.S trading extended hours slowdown.
Ethereum Surges 6%: Will ETH Break New Highs and Outperform Bitcoin in 2024? 10
This is evidenced by ETH’s 6% rise, which shows that more investors are getting back into the altcoin market and ETH is one of the major players in the cryptocurrency market. Thanks to high institutional interest, growing trading volume, and positive market sentiment, Ethereum’s path indicates the asset may be ready for a breakthrough. Both traders and investors will keep an eye on how ETH will try to recapture the lost ground and return to the earlier peaks.
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