Ethereum (ETH) Shows Bullish Signs, Eyes $4,000 Mark

Ethereum (ETH), the second-largest cryptocurrency globally by market cap, has broken through a key resistance level, drawing significant attention from investors and traders. On November 28, 2024, ETH’s surge beyond a crucial level suggests a potential uptrend in the near future.

Ethereum Technical Analysis and Breakout

Analysis from Coinpedia indicates a strong bullish sentiment surrounding ETH. The cryptocurrency has successfully crossed the $3,550 horizontal support level and exited a five-day consolidation phase, signaling a bullish breakout from the recent accumulation zone.

Ethereum (ETH) Price Prediction

Should ETH maintain levels above $3,580, it could potentially rise by 14% to hit $4,000 in the coming days, with further upside potential. Trading above the 200 Exponential Moving Average on the daily timeframe and with the Relative Strength Index (RSI) showing room for growth, ETH’s uptrend seems likely to continue.

ETH’s Rising Open Interest

Data from on-chain analytics provider Coinglass indicates a 15% increase in ETH’s Open Interest in the last 24 hours, reflecting a surge in new positions. ETH’s Open Interest has reached a record high of $23.56 billion, showcasing growing trader confidence in the altcoin.

Current Price Momentum

As of now, ETH is trading around $3,612, marking a 10% surge in the past 24 hours. Despite a 9% drop in trading volume, indicating moderate trader participation, the bullish momentum of ETH remains strong.