Ethereum (ETH) has shown significant growth, reaching a daily high of $3,545 on November 26. The largest altcoin has moved past a prolonged consolidation phase, sparking renewed optimism that could drive its price even higher.
Key Milestones and Trading Activity
On November 26, Ethereum traded at $3,426, confirming its bullish trajectory. Trading volume surged to $53.49 billion, reflecting increased trader interest. Additionally, the market recorded Ethereum liquidations worth $85.63 million, highlighting elevated volatility.
Over the past week, Ethereum's price has risen by more than 9.35%. It started the week at $3,133, gradually climbing to $3,416. This trend suggests growing investor interest, although ETH continues to face challenges in fully entering a bullish zone.
Technical Indicators and Growth Potential
Ethereum's technical signals present a mixed outlook. The Moving Average Convergence Divergence (MACD) indicator suggests a weakening bullish trend as it remains below the signal line. On the other hand, the Chaikin Money Flow (CMF) at 0.11 indicates positive cash flow, increasing the likelihood of further growth.
The four-hour chart shows that Ethereum has surpassed the critical $3,400 level. If the bullish momentum continues, ETH could test resistance at $3,594 in the coming days. A successful breakout could push the altcoin beyond the $3,500 mark.
Risks and Potential Downside
If the bullish trajectory weakens, Ethereum may revisit the $3,300 support level. A further decline could pull the price down to $3,214, signaling a more significant correction.
Short-Term Outlook
On November 26, Ethereum displayed signs of strengthening, with the short-term 50-day moving average crossing above the long-term 200-day moving average. This "golden cross" suggests continued growth, although the Relative Strength Index (RSI) at 56.63 remains in neutral territory.
After a period of stagnation, Ethereum is back on a growth path and remains a closely watched altcoin among investors.
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