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.
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.
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.
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.
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.
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