Ethereum

bullish

Value

Daily

Gains

<p>Ethereum has seen a significant uptick in buying pressure near the $2.4K support level, driving an impulsive price surge and reclaiming several key resistance regions. This action is signaling a potential shift towards a bullish market sentiment, with higher price levels expected in the mid-term.</p> 
<h1 id="ethereum-price-analysis">Ethereum Price Analysis</h1> 
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank">Shayan</a></p> 
<h2 id="the-daily-chart">The Daily Chart</h2> 
<p>The daily chart shows that intensified buying near the channel’s middle boundary of $2.4K has sparked a substantial upward move, allowing Ethereum to break through several critical resistance points:</p> 
<ul> 
 <li>The 100-day moving average at $2.5K</li> 
 <li>The descending channel’s upper boundary is around $2.8K</li> 
 <li>The 200-day moving average at $3K</li> 
</ul> 
<p>This strong performance suggests a bullish shift, with Ethereum reclaiming these resistance levels. Additionally, crossing the psychological $3K threshold reinforces a positive market sentiment, raising the possibility of reaching a new all-time high by year-end. However, a brief consolidation corrections phase might be necessary to sustain this trend healthily, allowing for potential profit-taking and market stabilization.</p> 
<figure id="attachment_369897" aria-describedby="caption-attachment-369897" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/11/ETH-D-2-scaled.jpg" data-wpel-link="internal"></a>
 <figcaption id="caption-attachment-369897" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure> 
<h2 id="the-4-hour-chart">The 4-Hour Chart</h2> 
<p>The 4-hour chart shows an initial surge from $2.4K, the lower boundary of the descending flag pattern, where buying pressure has been strong. Ethereum has now surpassed the $2.8K resistance, which had acted as a significant barrier in recent months.</p> 
<p>This break highlights buyers’ intent to increase the price, with eyes potentially set on a new ATH.</p> 
<p>Currently, Ethereum is approaching $3.1K, the flag’s upper boundary, where notable selling pressure may emerge. Given the impulsive nature of the recent increase, a short-term rejection followed by a temporary corrective retracement seems possible. In this case, a brief correction toward the support range of $2.7K —$2.6K (bounded by the 0.5 and 0.618 Fibonacci retracement levels) would be beneficial, setting the stage for a healthier uptrend.</p> 
<figure id="attachment_369899" aria-describedby="caption-attachment-369899" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-2-scaled.jpg" data-wpel-link="internal"><img class="wp-image-369899 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-2-scaled.jpg" alt="eth_price_chart_0911242" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-2-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-2-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-2-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-2-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-2-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-2-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-2-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-369899" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure> 
<h1 id="onchain-analysis">Onchain Analysis</h1> 
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank">Shayan</a></p> 
<p>The fund market premium metric is an essential indicator, as it reflects the difference between a fund’s market price and its Net Asset Value (NAV). When the premium is elevated, it suggests strong buying pressure within a specific region, indicating that investors are paying a higher price for fund shares relative to the underlying assets.</p> 
<p>This premium metric substantially declined from mid-November 2021, when Ethereum reached its all-time high. This decline aligned with waning interest in Ethereum funds, a typical response as investors became cautious during the subsequent bear market.</p> 
<p>However, a pivotal shift occurred as Ethereum reached its bear market low. The premium metric started to rise modestly, marking a return on investor interest. Since January 2023, this premium has steadily increased, signaling a resurgence in confidence for Ethereum-backed assets. Recently, the premium moved above zero, revealing positive market sentiment and suggesting robust demand for Ethereum funds.</p> 
<p>In summary, the positive shift in the premium metric is a promising sign of renewed market optimism. If this trend persists, it could reinforce Ethereum’s broader price momentum, potentially contributing to its future price growth trajectory.</p> 
<figure id="attachment_369898" aria-describedby="caption-attachment-369898" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Fund-Market-Premium-All-Symbol-scaled.jpg" data-wpel-link="internal"><img class="wp-image-369898 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Fund-Market-Premium-All-Symbol-scaled.jpg" alt="eth_funding_rate_premium_chart_0911241" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Fund-Market-Premium-All-Symbol-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Fund-Market-Premium-All-Symbol-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Fund-Market-Premium-All-Symbol-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Fund-Market-Premium-All-Symbol-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Fund-Market-Premium-All-Symbol-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Fund-Market-Premium-All-Symbol-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/Ethereum-Fund-Market-Premium-All-Symbol-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-369898" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure> 
<p>The post <a href="https://cryptopotato.com/ethereum-price-analysis-eth-explodes-above-3k-charts-20-weekly-gains/" rel="nofollow">Ethereum Price Analysis: ETH Explodes Above $3K, Charts 20% Weekly Gains</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Ethereum Price Analysis: ETH Explodes Above $3K, Charts 20% Weekly Gains

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