With Bitcoin price achieving newer highs today, with the recent one at $82,371.96, the crypto market is constantly heading toward a new high. Following this, the altcoin market has experienced a similar price action with the ETH price breaking its crucial zone and reclaiming its June high!
Will the bulls push the Ethereum price toward its yearly target price of $4,000? Or will the altcoin leader experience a correction in the coming time? CoinPedia’s expert panel has prepared a well-researched analysis of Ethereum (ETH) and its potential price targets.
Despite recording a neutral trend over the past 24 hours, the Ethereum token has soared 29.67% over the past week. Moreover, it has surged 31.39% during the past 30 days and has a YTD return of +40.29%, highlighting long-term bullish action.
The Relative Strength Index (RSI) continues hovering above the overbought range in the 1D time frame with a bullish rise in its average trendline. This indicates increased buying-over-selling pressure for the altcoin in the crypto market.
The EMA 50-day shows a sharp rise in the Ethereum price chart. This hints at a high possibility of a Golden Cross during the upcoming time.
The ETH ETF has recorded a positive inflow for 3 consecutive days over the past week. Reportedly, the ETFs have recorded 1 negative day, 1 neutral day, and 3 positive days between 04th and 08th November.
During the 3 positive days, the Ethereum ETF recorded the single highest inflow on 08th with $85.9 million. With this, the total inflow for the week concludes at $217.9 million. However, it witnessed an outflow of $63.2 million on 04th.
Following this, the total flow for the week was $154.7 million. Notably, this was the best inflow week for Ethereum in a brief period.
If the bulls continue gaining weight, the Ethereum token could retest its $3.3k mark this week. Moreover, if the bullish sentiment sustains, this could push the price toward its crucial upper resistance level of $4,000.
Conversely, a bearish trend reversal could pull the ETH coin toward its support trendline of $3,000. Moreover, if the bears overpower the bulls, this altcoin may take a plunge toward its lower support level at $2,800.
Wondering when this altcoin may achieve a new ATH, Read our Ethereum (ETH) Price Prediction to uncover the long-term possibilities!
The Ethereum price may reach a high of ~$7,000 by the end of next year.
If the bullish sentiment sustains, the ETH price may reach a high of $4k.
With increased bullish action and Bitcoin price achieving a new ATH, the crypto market is on a bullish rally.
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