Ethereum (ETH) Price Prediction (Nov 28th 2024)
On the daily chart, Ethereum price action is showing a new all-time high trendline with strong momentum. Ethereum price surged by 10% as a huge bullish engulfing candle formed last night.
Will post-refresh Ethereum rally reach $4,000? Read this Ethereum (ETH) price analysis to find out!
Ethereum Price Analysis
The trendline breakout marked an extension of the wedge breakout rebound and briefly reclaimed the $3,600 mark. With the emergence of a new bullish engulfing candle, the Ethereum price trend signals a change in trend sentiment and increases upside potential.
The bullish engulfing candle extends from $3,323 to the 24-hour high $3,688. The price jumped from the 61.80% Fibonacci level to challenge the 78.60% Fibonacci level.
However, indirect supply dampened the bullish growth, leading to an intraday correction of 1.87%. Currently, Ethereum price is trading at $3,589.
Technical indicators:
EMA: A huge bullish engulfing candle reveals the increasing bullish influence leading to a golden cross. Additionally, the 100-day EMA and the 200-day EMA formed a bullish crossover, enhancing overall sentiment.
Smoothed Moving Average Convergence and Divergence: MACD and signal lines avoid a bearish crossover for the second time and remain aligned positively as bullish histograms reappear. Therefore, technical indicators are bullish on Ethereum.
Institutional support continues to grow as Ethereum ETF grows
On November 27, the average daily net inflow was US$90.1 million, and the cumulative net inflow of Ethereum ETF rose to US$240.41 million. In terms of capital inflows, Fidelity’s FETH has seen cumulative inflows of $38.01 million, followed by Grayscale ($37.29 million) and VanEck ($13.25 million).
Most of the remaining U.S. spot Ethereum ETFs had zero net inflows, with Bitwise’s ETHW seeing a net inflow of $1.56 million. As the total net assets of Ethereum spot ETFs rose to US$10.8 billion, accounting for 2.47% of Ethereum’s market value, institutional support gradually increased. This could push Ethereum’s market price higher in the coming months.
Will ETH price hit $4,000?
Despite the intraday pullback, recovery in market sentiment is expected to lead to a rebound in the US trading session. The recovery trend will break through the resistance at $3,668, setting $3,800 as the next pit point.
On the other hand, slowdown in US trading will test the $3,400 support.
Wondering if there will be a bull run for ETH above $4,000 in 2024? Learn more now on Coinpedia ETH price prediction!
FAQ
Ethereum is currently trading at $3,589, retracing 1.87% intraday after rising 10% the previous day.
Ethereum’s bullish momentum, supported by a golden cross and strong market sentiment, suggests it could break the $3,668 resistance and target $4,000.
Ethereum has immediate support at $3,400, with additional strong support at $3,200, marking a break above the trendline levels.
