Ethereum Price Analysis: Will ETH Price Rally Beyond $3,321 Soon?

Published by

Sohrab Khawas

November 20, 2024

Ethereum Price Prediction: Golden Cross Could Lead to a 200% Surge!

With the crypto market hitting the $3.10T market cap, Ethereum’s bull run struggles to continue above $3,100. Following the massive surge, the ETH price rally reverses from the overhead trendline.

Will Ethereum’s recovery rally break through critical resistance levels and surpass $3,000 before December? Read our latest Ethereum price analysis to find out!

Ethereum (ETH) Price Analysis

In the daily chart, the Ethereum (ETH) price trend shows a channel breakout rally, demonstrating a strong upward trajectory. However, over the past seven days, the price of ETH has dropped by 0.90%.

Currently trading at $3,119 with an intraday gain of 0.24%, Ethereum maintains its position above the critical 50% Fibonacci level at $3,103. This indicates sustained bullish sentiment as buyers defend key support levels.

Technical Indicators:

EMA: The 50-day EMA prepares for a golden crossover with the 200-day EMA.

RSI: On the daily chart, the RSI line remains above the midline and edges closer to the overbought zone, reflecting increasing bullish momentum.

Will ETH Price Cross $3,321?

The current uptrend signals strong buyer interest, with the potential to test and break above the $3,321 level in the coming sessions. However, if Ethereum faces rejection near the 61.80% Fibonacci level, a pullback to retest the $2,860 zone could occur before another leg higher. Overall, the sentiment remains bullish as long as ETH holds above the $2,800 range.

Key Levels to Watch:

Immediate resistance is at $3,321, aligning with the 61.80% Fibonacci level.
A breakout rally above $3,321 could reach $4,091.
$2,860 (38.20% Fibonacci retracement level and 200-day EMA) acts as a crucial support.

Wondering if the bull run in ETH will surpass $4,000 in 2024? Find out now in Coinpedia’s well-rounded ETH price prediction!

FAQs

What is the current price of Ethereum?

Ethereum is presently changing hands at $3,119, with an intraday gain of 0.24%.

Can Ethereum surpass $3,321 in the near term?

Ethereum has strong bullish momentum, and breaking the $3,321 resistance level could trigger a rally toward $4,091.

What are Ethereum’s key support levels?

Ethereum’s critical support levels are at $2,860 and $2,800, aligning with the 38.20% Fibonacci retracement and 200-day EMA.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.