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Ethereum ($ETH), the world’s second-largest cryptocurrency by market cap has breached a crucial level and currently is gaining significant attention from investors as well as traders. As of today on November 28, 2024, $ETH’s breakout from a strong resistance level indicates that it is poised for a notable upside rally.
Ethereum Technical Analysis and Upcoming Level
According to Coinpedia’s technical analysis, $ETH’s sentiment has strongly shifted toward the bullish side. In addition to breaching the horizontal support level of $3,550, the altcoin has also broken out of its five-day-long consolidation zone.
This zone breakout near the resistance level is considered successful, as notable accumulation has recently been observed in this zone.
Ethereum ($ETH) Price Prediction
Based on recent price action, if $ETH sustains above the $3,580 level, there is a strong possibility it could rally by 14% to reach the $4,000 mark in the coming days, with the potential to climb even higher if the bullish sentiment stays.
On the positive side, $ETH is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Additionally, its Relative Strength Index (RSI) suggests a potential upside rally in the coming days. Currently, $ETH’s RSI on the daily time frame is below the 70 level, indicating there is still room for further growth.
$ETH’s Rising Open Interest
Besides technical analysis, on-chain metrics further support’ $ETH’s bullish outlook. Data from the on-chain analytics firm Coinglass reveals record trader participation in $ETH. According to Coinglass, $ETH’s Open Interest (OI) has surged by 15% in the past 24 hours, indicating a significant increase in new positions during this period.
With significant attention from traders, $ETH’s Open Interest (OI) has reached a record high of $23.56 billion for the first time. During $ETH’s previous all-time high, its OI was approximately $10 billion. This data highlights the growing interest and confidence traders have in the altcoin.
Current Price Momentum
At press time, $ETH is trading near $3,612 and has experienced a price surge of over 10% in the past 24 hours. However, during the same period, its trading volume dropped by 9%, indicating lower participation from traders and investors compared to the previous day.