Ethereum

Rally

bullish

Divergence

<ul class="wp-block-list">
 <li>Ethereum price jumped to $2.6K, gaining over 5% over the past 24 hours.</li>
 <li>The analyst suggests a potential breakout for ETH.</li>
</ul>
As November prepares to make its entrance, the crypto market breaks and recovers from the bearish pressure. The trading day opened with the market exhibiting a 4.68% surge in market cap, reaching $2.4 trillion over the last day.
Notably, the largest cryptocurrency, <a href="https://thenewscrypto.com/bitcoin-breaks-multiple-resistance-as-price-rallies-past-70k/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>, has broken above $71K. The largest altcoin, Ethereum (ETH), appeared to enter the bullish market, gaining over 5.53% over the past 24 hours. However, due to its bullish price action, ETH is poised for a remarkable upside rally for the day. At press time, Ethereum is <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">trading</a> at $2,620.&nbsp;
Over the day, Ethereum has recorded the lowest and highest prices at $2,471 and $2,627, respectively. Consequently, the market observed a liquidation of $39.95 million worth of Ethereum during this timeframe, as per Coinglass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">data</a>. Meanwhile, the daily trading volume of ETH has surged by 93.18%.&nbsp;
On the other side, ETH has witnessed a <a href="https://thenewscrypto.com/ethereum-eth-recovery-stalls-at-critical-resistance-levels/" target="_blank" rel="noopener noreferrer nofollow">mild dip</a> of 1.10% over the last seven days. The asset began trading the week at $2,653, and the volatile market momentum dragged the ETH price down to the $2,387 mark.&nbsp;
It is crucial to note the analyst <a href="https://x.com/CryptoKnight60/status/1851129762950812150" target="_blank" rel="noopener noreferrer nofollow">chart</a> as Ethereum’s price movement forms a consolidating triangle pattern within narrowing trendlines, suggesting a breakout. The chart highlights a neutral to a brief positive outlook for ETH.
<h3 class="wp-block-heading" id="h-will-ethereum-s-rally-hold-strong">Will Ethereum’s Rally Hold Strong?&nbsp;</h3>
Ethereum’s four-hour technical indicators suggest the Moving Average Convergence Divergence (MACD) line is positioned above the signal line, inferring the bullish signal, and can expect the incoming bull run.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc76CVxW4dLErHTUDYgI14LHZhJ75IuXbM__WaJlQ4pBUfF7A1e87qrx8eEZwJ96OhUsuAV-u7Mlt978SyqYrdtz3H4YIwrZaVGTFfWGTNzByKwwyEezrUdht8-c_SSlHvP-y0B9W9cfeik9mDuVWM_qh8?key=xzffCd55Zhy8sChyAfeQ1A" alt="">
 <figcaption class="wp-element-caption">ETH chart (Source: <a href="https://in.tradingview.com/symbols/ETHUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Besides, the Chaikin Money Flow (CMF) indicator is found at 0.10, hinting at the increased money flow with a positive outlook. In addition, the daily trading volume of ETH has reached $21.76 billion.
Furthermore, the current market sentiment is neutral, as the daily relative strength index (RSI) is above 60. The altcoin’s <a href="https://in.tradingview.com/chart/AHwivr5C/?symbol=BINANCE%3AETHUSD" target="_blank" rel="noopener noreferrer nofollow">daily frame</a> exhibits the short-term 50-day moving average above the long-term 200-day moving average.
While looking at the four-hour price chart, ETH has recently surpassed the $2,590 mark. If the asset breaks past the $2.7K, the asset can rally toward the $3K zone. On the other hand, if the asset falls back from the current price level, it might trigger the ETH price toward the nearby $2,500 support zone.
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Ethereum (ETH) Rally Intensifies as Bulls Set Sights on $3K

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