The post Ethereum (ETH) Price Prediction (November 28, 2024) appeared first on Coinpedia Fintech News
On the daily chart, Ethereum price action shows a record high trendline, which is accelerating. With a large bullish engulfing candle forming last night, Ethereum price has surged 10%.
Will the new Ethereum bull run reach $4,000? Read this Ethereum (ETH) price analysis to find out!
Ethereum Price Analysis
The breakout trendline marked an expanding wedge bullish breakout and quickly reclaimed the $3,600 mark. With the new bullish engulfing candle, the Ethereum price trend marks a change in trend sentiment and increased upside potential.
Transaction View
The bullish engulfing candle extended from $3,323 to a 24-hour high of $3,688. The rally started from the 61.80% Fibonacci level and challenged the 78.60% level.
However, the high supply has curbed the growth momentum, resulting in a daily decline of 1.87%. Currently, Ethereum price is trading at $3,589.
Technical indicators:
EMA: Strong bullish engulfing candle shows bullish influence leading to golden cross. Moreover, 100-day and 200-day EMA have made a bullish cross, increasing the overall sentiment.
MACD: The MACD and signal lines avoided a second bearish crossover and maintained a positive alignment as the bullish histogram reappeared. Therefore, the technical indicators are leaning towards Ethereum buyers.
Institutional Support Is Growing With Ethereum ETFs on the Rise
With a daily net inflow of $90.10 million on November 27, the cumulative net inflow into Ethereum ETFs rose to $240.41 million. Leading the inflow group, Fidelity’s FETH accumulated $38.01 million in inflows, followed by Grayscale’s $37.29 million and VanEck’s $13.25 million.
Most of the remaining U.S. spot Ethereum ETFs saw zero net inflows, with Bitwise’s ETHW seeing net inflows of $1.56 million. With the total net assets of spot Ethereum ETFs rising to $10.80 billion, or 2.47% of Ethereum’s market cap, institutional support is slowly building up. This is likely to boost Ethereum’s market price in the coming months.
Will ETH Price Hit $4,000?
Despite the intraday pullback, the recovering market sentiment predicts a recovery during US trading hours. The rally will clear the $3,668 resistance, making $3,800 the next stop.
On the other hand, a slowdown in US trading will test the $3,400 support.
Are you wondering if ETH bull run will surpass $4,000 by 2024? Find out now in Coinpedia's comprehensive ETH price prediction!
Frequently Asked Questions
What is the current price of Ethereum?
Ethereum is trading at $3,589, showing a daily drop of 1.87% following a 10% price increase the previous day.
Can Ethereum Break Above the $3,668 Resistance in the Near Term?
Ethereum’s bullish momentum, supported by a golden cross and strong market sentiment, suggests that the price could break the $3,668 resistance and head towards the $4,000 target.
What is Ethereum's major support level?
Ethereum's immediate support level is at $3,400, with additional strong support at $3,200, marking the breakout trendline level.