Emergency alert! Ethereum (ETH) price forecast for November 28
Ethereum (ETH), the world's second largest cryptocurrency by market capitalization, has breached a milestone and is currently receiving a lot of attention from investors as well as traders. As of today, November 28, 2024, ETH's breakout from a strong resistance level indicates that it is poised for a prominent supported rally.
Ethereum technical analysis and upcoming level
According to Coinpedia technical analysis, ETH's sentiment has strongly shifted to the bullish side. In addition to breaking the horizontal support level of $3,550, the altcoin broke out of the five-day consolidation zone.
The breakout of this zone near the resistance level is considered successful, as significant accumulation has recently been seen in this zone.
Ethereum (ETH) price prediction
Based on the recent price action, if ETH stays above the $3,580 level, there is a strong possibility that it could rally by 14% to reach the $4,000 mark in the coming days, which could go higher if the bullishness continues.
On the positive side, ETH is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend. Additionally, the Relative Strength Index (RSI) suggests a possible rally in the coming days. Currently, ETH's RSI is below the 70 level on the daily timeframe, indicating that there is still room for further growth.
ETH increasing open interest
In addition to technical analysis, on-chain metrics further support ETH's bullish outlook. Data from on-chain analytics firm Coinglass shows record trader participation in ETH. According to Coinglass, ETH's Open Interest (OI) has risen by 15% in the past 24 hours, reflecting a significant increase in new positions during this period.
ETH's Open Interest (OI) reached a record high of $23.56 billion for the first time due to strong attention from traders. During ETH's previous all-time high, OIA was around $10 billion. This data shows the growing interest and confidence of traders in the altcoin.
Current price momentum
At press time, ETH is trading near $3,612 and has experienced a price increase of more than 10% in the last 24 hours. However, at the same time, the trading volume decreased by 9 percent, indicating that the participation of traders and investors is lower compared to the previous day.
