Ethereum (ETH) Price Prediction for November 28: Breakout Forecast
Ethereum (ETH), the second-largest cryptocurrency in the world by market cap, has recently made a significant breakthrough. Investors and traders are now closely watching as ETH makes a strong move after breaking through a key resistance level on November 28, 2024.
According to Coinpedia’s technical analysis, the sentiment around ETH has shifted towards the bullish side. The cryptocurrency has not only surpassed the $3,550 horizontal support level but has also broken out of a consolidation zone that lasted for five days. This breakout near the resistance level is seen as a success, given the noticeable accumulation in this zone.
Based on recent price action, if ETH can maintain its position above $3,580, there is a high chance it could surge by 14% to reach $4,000 in the coming days. The potential for further growth remains even higher if the bullish sentiment continues. ETH is currently trading above the 200 Exponential Moving Average (EMA) on the daily time frame, signaling an uptrend. The Relative Strength Index (RSI) also suggests a potential upside rally, with room for further growth as ETH’s RSI on the daily time frame is below the 70 level.
Along with technical analysis, on-chain metrics also support ETH’s bullish outlook. Data from the on-chain analytics firm Coinglass indicates a record level of trader participation in ETH. The Open Interest (OI) for ETH has surged by 15% in the past 24 hours, signaling a significant increase in new positions during this period. ETH’s OI has reached an all-time high of $23.56 billion, showcasing the growing interest and confidence traders have in the cryptocurrency.
At the time of writing, ETH is trading around $3,612, with a price surge of over 10% in the last 24 hours. However, the trading volume has dropped by 9% during the same period, indicating lower participation from traders and investors compared to the previous day.
Overall, the current price momentum and bullish indicators suggest that ETH could be on a path towards further gains in the near future. Keep an eye on Ethereum as it continues to attract attention from the market.
