Why is Ethereum (ETH) Price Up Today?
Ethereum Price Eyes 10% Surge by December
Hey, Crypto Crusaders!
Ethereum's rally heats up, with analysts eyeing a 10% surge by December. Backed by bullish patterns and whale moves, ETH’s future looks promising.
Ethereum Price Today
Ethereum’s native token, Ether (ETH), has climbed by 5.75% in the past 24 hours as per Coinpedia Markets, trading around $3,640 as of November 28. This surge has outpaced the overall crypto market, which rose by 2.82% during the same period. The price rally is driven by Ethereum’s rebound from its 50-period exponential moving average (EMA) on the four-hour chart, a critical support level that has consistently bolstered its uptrend.
Read detailed Ethereum price predictions and uncover its next big move—stay ahead in the crypto game!
Ethereum Technical Analysis
Cup-and-Handle Breakout: Ether’s breakout from a classic cup-and-handle pattern signals strong bullish momentum.
Key Resistance Level: The breakout occurred above the $3,440 neckline, confirming the pattern's validity.
Measured Move Projection: The pattern's depth indicates a potential upside target of $3,940, hinting at a 10% price rise.
Mid-Term Target: Technical analysis points to the 2.618 Fibonacci Extension level at $3,911 as another key milestone.
Ethereum Whale Activity and On-Chain Data
Ethereum’s ecosystem has seen notable whale movements recently. Two major transactions caught attention:
Jeffrey Wilcke, Ethereum co-founder, deposited 20,000 ETH worth over $72 million into Kraken on Thursday.
Winslow Strong, director of Qualia Research Institute, moved 9,380 ETH valued at $33.7 million to Coinbase earlier today.
However, bullish sentiment persists as a significant whale purchased nearly 20,000 ETH worth $64 million from Bybit in the past two weeks. This indicates confidence among large holders, counteracting the recent sell-offs.
Institutional Demand Grows
US spot Ether ETFs are showing rising demand, reflecting increased interest from institutional investors. Ethereum futures open interest (OI) hit a record high of over $24 billion on November 28, with a $4 billion rise in the past 24 hours. Positive weekly funding rates, around 0.53%, have persisted since October, signaling sustained bullish sentiment.
Also Read: Ethereum Classic Price Prediction: Will ETC Price Cross $50?
Key Support Levels and Risks
While bullish momentum dominates, Ethereum’s price has robust support at $3,285. This level has held firm after multiple rebounds in the past week, offering a safety net against bearish pressures. If sentiment shifts, this support could prevent further declines.
Long-Term Ethereum Price Predictions
Looking ahead, Ethereum’s current performance lays a strong foundation for future gains. Analysts’ Ethereum price predictions for 2024 and Ethereum price predictions for 2025 remain optimistic, fueled by its ecosystem’s growth and increasing adoption.
Why is Ethereum’s Price Rising?
Key drivers behind Ethereum’s recent rally include:
Technical Breakouts: Bullish chart patterns like the cup-and-handle.
Whale Activity: Significant accumulation by large holders.
Institutional Interest: Rising demand for Ether ETFs and record-high futures OI.
Market Confidence: Persistent positive funding rates and growing ecosystem utility.
Ethereum’s strong technical and on-chain metrics position it for a promising December. With potential upside targets nearing $3,940, the cryptocurrency’s bullish narrative continues to attract attention. As ETH approaches an all-time high, it remains a focal point for investors seeking growth opportunities in the crypto market. Stay updated with Ethereum news today to track the latest developments and insights.