Breakout Alert! Ethereum (ETH) Price Prediction For November 28
Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has broken through key levels and is currently receiving significant attention from investors and traders. As of today, November 28, 2024, ETH’s breakout of strong resistance indicates that it is about to embark on a significant upward rebound.
Ethereum technical analysis and upcoming levels
According to Coinpedia’s technical analysis, Ethereum’s Market sentiment has turned strongly bullish. In addition to breaking the $3,550 horizontal support, the altcoin also broke out of a five-day consolidation zone.
A breakout of this area near the resistance is considered successful as significant accumulation has been observed in this area recently.
Ethereum (ETH) Price Prediction
Based on the recent price action, if ETH sustains above $3,580 levels, there is a good chance that it will rise by 14% to reach the $4,000 mark in the coming days, with the possibility of climbing even higher if the bullish sentiment persists.
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 that an upward rebound is likely in the coming days. Currently, ETH’s daily RSI is below the 70 level, indicating that there is still room for further gains.
ETH holdings increase
Beyond technical analysis, on-chain indicators further support ETH’s bullish outlook. Data from on-chain analytics companies coin glass Revealing record trader participation in ETH. According to data from Coinglass, ETH’s open interest (OI) has surged by 15% in the past 24 hours, indicating a significant increase in new positions during this time.
With traders paying close attention, ETH’s open interest (OI) hit a record high of $23.56 billion for the first time. During ETH’s all-time high, its OI was approximately $10 billion. The data highlights traders’ growing interest and confidence in altcoins.
Current Price Momentum
At press time, ETH was trading near $3,612, with prices surging more than 10% in the past 24 hours. However, trading volume fell by 9% during the same period, indicating that trader and investor participation was lower than the previous day.
