Story Highlights
- Ethereum surges 10%, reclaiming $3,600 with a retest likely.
- Resistance at $3,668; breakout could target $4,000.
- Golden crossover boosts sentiment; support at $3,400.
As of November 28, 2024, Ethereum (ETH) has been making headlines with a remarkable 10% surge, bringing its price back up to $3,600. This bullish movement has ignited discussions about whether ETH will continue its upward trajectory and potentially reach the $4,000 mark by the end of the year. Let’s dive into the latest price analysis and market factors influencing Ethereum’s future.
Ethereum Price Analysis
The daily chart for Ethereum showcases a significant bullish trend, highlighted by a massive bullish engulfing candle that formed last night. This candle, which extended from $3,323 to a 24-hour high of $3,688, marks a pivotal moment for ETH, indicating a potential change in market sentiment and an increase in upside potential.
The trendline breakout, which signifies a broadening wedge breakout rally, allowed Ethereum to briefly reclaim the $3,600 mark. Despite this bullish momentum, overhead supply has kept the growth in check, leading to an intraday pullback of 1.87%. Currently, Ethereum is trading at $3,589.
Technical Indicators:
- EMA: The emergence of a golden crossover between the 100-day and 200-day EMAs suggests a strong bullish influence. This crossover boosts overall market sentiment, indicating potential for further upward movement.
- MACD: The MACD and signal lines have avoided a bearish crossover for the second time, maintaining a positive alignment as bullish histograms resurface. These indicators are solidly in favor of the bulls, supporting the case for a continued rally.
Institutional Support on the Rise with Growing Ethereum ETFs
Institutional interest in Ethereum continues to grow, particularly with the rise of Ethereum ETFs. On November 27, the daily net inflow for Ethereum ETFs reached $90.10 million, bringing the cumulative net inflow to $240.41 million. Leading the inflow pack, Fidelity’s FETH accumulated $38.01 million, followed by Grayscale’s $37.29 million and VanEck’s $13.25 million.
With total net assets of Ethereum spot ETFs now at $10.80 billion, equivalent to 2.47% of Ethereum’s market cap, institutional support is steadily increasing. This influx of institutional investment is likely to bolster Ethereum’s market price in the coming months, providing a strong foundation for further growth.
Will ETH Price Hit $4,000?
Despite the recent intraday pullback, market sentiment remains optimistic. If the recovery momentum continues during US trading hours, Ethereum could surpass the immediate resistance at $3,668, setting $3,800 as the next target. However, a slowdown in trading could test the support level at $3,400.
Given the current market dynamics and technical indicators, the prospect of Ethereum reaching $4,000 by the end of 2024 is within the realm of possibility. The key factors to watch include continued institutional support, overall market sentiment, and critical resistance and support levels.
Wondering if the bull run in ETH will indeed surpass $4,000 in 2024? Stay tuned to Coinpedia’s well-rounded ETH price prediction for the latest insights and updates!
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