Ethereum (ETH) Price Prediction (November 28, 2024)
Ethereum price action on the daily chart shows a high-speed trend. With a huge bullish engulfing candle last night, the price of Ethereum rose by 10%.
Will Ethereum's renewed rally reach $4,000? Read this Ethereum (ETH) price analysis to find out!
Ethereum price analysis
The breakout of the trendline signaled an expanding wedge breakout and briefly retook the $3,600 mark. With the new bullish engulfing candle, the Ethereum price trend indicates a change in trend sentiment and increased potential.
Marketing perspective
A breakout candle extended from $3,323 to a 24-hour high of $3,688. The price bounced off the 61.80% Fibonacci level and challenged the 78.60% level.
However, the price supply moderated the higher growth, resulting in a drag of 1.87 percent. Currently, the price of Ethereum is trading at $3,589.
Technical indicators:
EMA: The giant bullish engulfing candle shows the bullish influence of the golden cross. In addition, the 100-day and 200-day EMA have given a massive crossover, adding to the overall sentiment.
MACD: The MACD and signal lines have avoided a second bullish crossover and maintained a positive alignment as the bullish histogram rebounds. Therefore, the side of the technical indicators is on Ethereum bulls.
Institutional support is increasing with emerging Ethereum ETFs.
With $90.10 million in revenue on November 27, cumulative net earnings on the Ethereum ETF rose to $240.41 million. Leading the flow pack, Fidelity's FETH accumulated $38.01 million in revenue, followed by Grayscale's $37.29 million and VanEck's $13.25 million.
Most of the rest of the US-spot Ethereum ETF recorded a net inflow of zero, with Bitwise's ETHW having a net inflow of $1.56 million. The total net assets of the Ethereum Spot ETF increased by 2.47% to $10.80 billion in the Ethereum market, institutional support is gradually increasing. This will probably drive up the market price for Ethereum in the coming months.
Will ETH price reach $4,000?
Despite the day's delay, recovering market sentiment is expected to return during US trading hours. A recovery run will cross the $3,668 resistance, drawing the $3,800 level as the next pitstop.
On the downside, a slowdown in US trading will test the $3,400 support level.
Will the bull run in ETH exceed $4,000 in 2024? Search now in Coinpedia's comprehensive ETH price forecast!
Questions to be asked
Ethereum is trading at $3,589, showing an intraday pullback of 1.87% after the previous day's 10% high.
Supported by the golden cross and strong market sentiment, Ethereum's bullish momentum suggests that it could break the $3,668 resistance and bring in $4,000.
Ethereum's immediate support level is $3,400, with additional strong support at $3,200, indicating a breakout trend level.
