Ethereum bulls have driven the price to a daily high of $3.7K.
The market witnessed a liquidation of $34.91 million in Ethereum.
The cryptocurrency market cap is settled at $3.4 trillion with the bullish turn. The largest asset, Bitcoin (BTC), continued to trade around the $96K mark despite reaching the $100K milestone. As the alt-season is looming, the largest altcoin, Ethereum (ETH), has broken the $3.7K resistance.
While November is closing, analysts anticipate the $4K price movement of Ethereum. As Ethereum chose the bullish pace for the day, it recorded a gain of over 2% over the past 24 hours. At press time, Ethereum is trading at $3,662.
Over the day, the asset has visited its highest price of $3,725 from the lowest of $3,563. It’s crucial to note that the market observed a liquidation of $34.91 million worth of Ethereum during this timeframe. Meanwhile, the daily trading volume of ETH stays at 32.97 billion.
On the other side, ETH has marked a steady 39% over the last thirty days. The asset opened the month at $2,636, and the volatile market pushed the price upwards.
Where Is ETH Going Next?
While inferring the technical indicators of Ethereum, the brief bullish momentum is reported with the Moving Average Convergence Divergence (MACD) line. It is likely settled over the signal line, suggesting the approach of a positive trend in the market.
ETH chart (Source: TradingView)
Additionally, the Chaikin Money Flow (CMF) indicator positioned at 0.23 highlights a strong market signal reflecting the asset’s demand. In the meantime, the daily trading volume of Ethereum has increased by over 17.71%.
Ethereum’s four-hour price chart showcases the moderate upside momentum. If ETH faced resistance around $3.7K, it might bounce to a higher level of $4K. Further gains could ignite a potential rally.
However, if the altcoin faces selling pressure, the upside trajectory might vanish, and Ethereum could drop back to its previous low at the $3.4K mark. Moreover, a steady decline below this mark might push the price even lower.
Besides, the current market sentiment of ETH is in the neutral zone, as the daily relative strength index (RSI) is found at 61.54. The daily frame of the asset displays the short-term 9-day moving average above the long-term 21-day moving average.
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