Ethereum Momentum Builds: 10% Surge Sparks ATH Hopes
Breaking out of an eight-month downward trend, Ethereum (ETH) is back in the news. This marks a major turning point for the second-largest cryptocurrency by market capitalization. The coin rose more than 5% in a single day, reaching $3,525, and has gained 38% in the last 30 days. Analysts are buzzing, implying that ETH still has a lot of upside potential as it continues to rise. Related Reading: Crypto Bloodbath: Over $500 Million Liquidated As Bitcoin Slides To $92K – Report This latest breakthrough has inspired more general market confidence. ETH has risen by 10% over the past week, therefore confirming its dominance in the crypto scene. Technical analysts like Logical Trader say that this action signals the beginning of a longer-term bullish trend with medium- and long-term expansion obviously evident. What a move in ETHUSD This is how the price should behave when it breaks out of the descending trend channel. #crypto #Ethereum pic.twitter.com/tepsK7grmO — Logical Trader (@logicaltra6er) November 23, 2024 Bullish Technical Signals Ethereum’s technical indicators show a strong upward trend. The Relative Strength Index (RSI) has reached 70, indicating heavy buying pressure. Furthermore, ETH has broken its 30- and 200-period moving averages, strengthening its bullish trend. Titan of Crypto noted an interesting development: a weekly closure higher than the Kumo Cloud. With a probable second aim of $4,862 should momentum continue, this technical breakout projects ETH might soon test resistance levels near $4,189. #Altcoins #Ethereum Golden Cross Incoming
Breaking out of an eight-month downward trend, Ethereum (ETH) is back in the news. This marks a major turning point for the second-largest cryptocurrency by market capitalization.
The coin rose more than 5% in a single day, reaching $3,525, and has gained 38% in the last 30 days. Analysts are buzzing, implying that ETH still has a lot of upside potential as it continues to rise.
This latest breakthrough has inspired more general market confidence. ETH has risen by 10% over the past week, therefore confirming its dominance in the crypto scene. Technical analysts like Logical Trader say that this action signals the beginning of a longer-term bullish trend with medium- and long-term expansion obviously evident.
What a move in ETHUSD This is how the price should behave when it breaks out of the descending trend channel. #crypto #Ethereum pic.twitter.com/tepsK7grmO
— Logical Trader (@logicaltra6er) November 23, 2024
Bullish Technical Signals
Ethereum’s technical indicators show a strong upward trend. The Relative Strength Index (RSI) has reached 70, indicating heavy buying pressure. Furthermore, ETH has broken its 30- and 200-period moving averages, strengthening its bullish trend.
Titan of Crypto noted an interesting development: a weekly closure higher than the Kumo Cloud. With a probable second aim of $4,862 should momentum continue, this technical breakout projects ETH might soon test resistance levels near $4,189.
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