Ethereum has successfully crossed over $3000 after struggling for months. As Bitcoin surged and created another all time high at $77,135, Eth followed. Many experts have been sharing speculations that it will touch $10k this season. Let’s check the charts and see what is happening in the market.
ETH Broke Consolidation
Since the beginning of August, when ETH fell under $3,000 it has been moving in a confined zone only. The price was stuck between $2,320 and $2,772. At certain points, we can see on the charts that the price tried falling down but received support at $2,153 level. On November 7 after Trump victory in the US election, Bitcoin took a surge and was followed by ETH and other cryptos.
Ethereum crossed the $2,772 mark for the first time in two months on November 7 and confirmed the support above this level. It then proceeded to penetrate the next resistance at $2,897 easily. In the last 4 hours, the second largest crypto finally crossed over the $3,000 mark. At the time of writing, Ethereum is trading at $3,049.
Other Market Indicators
At this price point of Ethereum, the RSI is at 85.57. Technically this means the asset has been overbought and needs cooling down. To even it out, the market can do two things, either to move in a consolidation zone for a while or get a correction. However, the ADX indicator, which is used to check the power of a trend, is at 38.53. This implies, the uptrend is going to go further. How is this going to happen? There is a possibility that ETH might go into a consolidation zone for the next few hours and then start the journey. Bitcoin currently is doing the same.
The Profit Levels of Ethereum Investors
According to the data by IntoTheBlock, 77% of the ETH investors are in profit at this price level. However, 20% of people have bought crypto after this point and are still at a loss. Merely 4% have invested at the same price.
Ethereum will have to face a good amount of resistance after this point. Between the price point of $3,158 and $3,537 around 11.41 million addresses have bought a total of 4.46 million eth.
DefiLlama shows that the total value locked in Ethereum has started to rise. Currently ETH has TVL of $56.085 billion. In the last 24 hours, the trading volume of the second largest crypto has seen a surge of 8% and the price is up by 4.12%.
What to Expect
As the crypto market continues to grow amidst the bull rally, the traders and investors must stay alert about the resistance zones for healthy corrections. Eth keeps growing however faces some rejection as it needs to cool down before further journey. It would be interesting to see if Ethereum would be able to touch $10,000 as many crypto enthusiasts suggest.
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