Ethereum

No one

<p>Ethereum climbed to $3,688 on November 28, its highest level in six months. But the rally didn’t last long—ETH quickly slipped to $3,580 as the market cooled off. Despite this dip, Ethereum ended the week with a respectable 5% gain. Not bad, especially after an earlier surge of 18%. </p>   
<p>Now, all eyes are on what’s next: a bigger breakout or another short-lived tease?</p>   
<h2 class="wp-block-heading" id="h-a-bullish-mood-but-is-it-enough">A Bullish Mood, But Is It Enough?</h2>   
<p>There’s growing excitement in the futures market. Funding rates show more traders are betting on Ethereum’s price going up, which is a promising sign. However, this optimism is nowhere near the levels seen during ETH’s all-time high of $4,890 in 2021.</p>   
<figure class="wp-block-image aligncenter size-large">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/11/29190652/Ethereum-price-chart-1-1024x546.webp" alt="ethereum price chart" class="wp-image-387180">
</figure>   
<p>Most Ethereum holders are in a comfortable spot. Around 88% are currently in profit, with 4% breaking even. Only 8% are at a loss. On-chain data shows many investors bought ETH between $3,489 and $3,707, making this range a key support zone. Those who entered above $3,707, however, are still waiting for ETH to climb higher.</p>   
<figure class="wp-block-image aligncenter size-large">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/11/29190832/in-out-of-money-3-1024x201.png" alt="ETH investors in and out of money " class="wp-image-387182">
</figure>   
<h2 class="wp-block-heading" id="h-slowing-down-or-warming-up">Slowing Down—or Warming Up?</h2>   
<p>Here’s where things get tricky. Although Ethereum’s price has been rising, its Relative Strength Index (RSI) is declining. This suggests that the rally might be losing steam. If the trend continues, Ethereum could drop to its next major support level at $3,046.</p>   
<figure class="wp-block-image aligncenter size-large">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/11/29190852/Eth-whale-orders-1-1024x408.webp" alt="" class="wp-image-387184">
</figure>   
<p>Another concern is the sharp drop in trading activity. In the past 24 hours, trading volume has fallen by 34.9%, signaling reduced market participation. Even whales—large investors—are split evenly between long and short positions, indicating uncertainty about the market’s direction.</p>   [post_titles_links postid="386898"]   
<h2 class="wp-block-heading" id="h-breakout-or-correction-ahead"><strong>Breakout or Correction Ahead?</strong></h2>   
<p>Ethereum’s situation is a mixed bag. On one hand, investor sentiment is positive, with most holders seeing gains. On the other, technical indicators like falling RSI and declining trading volume suggest caution.</p>   
<p>Will Ethereum push past $3,688 and aim for new highs, or is the market gearing up for a cooldown—or even a correction? While the outcome remains uncertain, one thing’s for sure: the next move will keep the crypto world on edge.</p>

Ethereum Hits $3,688: Is a Bigger Rally Around the Corner?

Table of Contents

CoinPedia News

Other articles published on Nov 29, 2024

Russia Introduces Crypto Tax Law and Mining Restrictions as Bitcoin Hits Record Ruble Price

Ethereum Breaks $3,600 as Trading Volume Signals Strong Rally Potential

Best Meme Coins with 1000X Potential: BTFD Coin Tops Investors’ Lists, While FartCoin and BONK St...

Crypto Investor Calls Out Coinbase For Indiscriminate Account Restriction, CEO Reacts

Pepe Coin’s Price Analysis: Is $1 Within Reach for PEPE?

Bitcoin Slips As Crypto Market Corrects, Lunex and XLM Defy To Make Gains

Join our free newsletter for daily crypto updates!