In the daily chart, the Ethereum price action showcases a record-high trendline, gaining momentum. With a massive bullish engulfing candle formed last night, the Ethereum price soared 10%.
Will the refreshed Ethereum rally reach $4,000? Read this Ethereum (ETH) price analysis to find out!
The trendline breakout marks the broadening wedge breakout rally and briefly reclaims the $3,600 mark. With the new bullish engulfing candle, the Ethereum price trend marks a change in trend sentiment and increases the upside potential.
The bullish engulfing candle extended from $3,323 to a 24-hour high of $3,688. The price leap initiated from the 61.80% Fibonacci level and challenged the 78.60% level.
However, the overhead supply kept the bullish growth under check, resulting in an intraday pullback of 1.87%. Currently, the Ethereum price is trading at $3,589.
EMA: The massive bullish engulfing candle reveals the increased bullish influence that has resulted in the golden crossover. Furthermore, the 100-day and 200-day EMA have given a bullish crossover, increasing the overall sentiment.
MACD: The MACD and signal lines have avoided a bearish crossover for the second time and maintain a positive alignment as the bullish histograms resurface. Hence, the technical indicators side is on the Ethereum bulls.
With a daily net inflow of $90.10 million on Nov. 27, the cumulative net inflow on the Ethereum ETF rose to $240.41 million. Leading the inflow pack, Fidelity’s FETH accumulated $38.01 million worth of inflows, followed by Grayscale’s $37.29 million and VanEck’s $13.25 million.
Most of the rest of the US-spot Ethereum ETF registered a net zero flow, with Bitwise’s ETHW having a net inflow of $1.56 million. With the total net assets of the Ethereum spot ETF rising to $10.80 billion worth 2.47% of the Ethereum market cap, the institutional support is gradually increasing. This will likely boost the market price for Ethereum in the coming months.
Despite the intraday pullback, the recovering market sentiments anticipate a bounce back in US trading hours. The recovery run will surpass the $3,668 resistance, painting the $3,800 level as the next pitstop.
On the flip side, a slowdown in US trading will test the $3,400 support level.
Wondering if the bull run in ETH will surpass $4,000 in 2024? Find out now in Coinpedia’s well-rounded ETH price prediction!
Ethereum is trading at $3,589, showing an intraday pullback of 1.87% after a bullish surge of 10% the previous day.
Ethereum’s bullish momentum, supported by a golden crossover and strong market sentiment, suggests it could break the $3,668 resistance and aim for $4,000.
Ethereum’s immediate support level is $3,400, with additional strong support at $3,200, marking the breakout trendline level.
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