In the daily chart, the Ethereum price action showcases a record-high trendline, gaining momentum. With a massive bullish engulfing candle formed last night, the Ethereum price soared 10%.
Will the refreshed Ethereum rally reach $4,000? Read this Ethereum (ETH) price analysis to find out!
Ethereum Price Analysis
The trendline breakout marks the broadening wedge breakout rally and briefly reclaims the $3,600 mark. With the new bullish engulfing candle, the Ethereum price trend marks a change in trend sentiment and increases the upside potential.
The bullish engulfing candle extended from $3,323 to a 24-hour high of $3,688. The price leap initiated from the 61.80% Fibonacci level and challenged the 78.60% level.
However, the overhead supply kept the bullish growth under check, resulting in an intraday pullback of 1.87%. Currently, the Ethereum price is trading at $3,589.
Technical Indicators:
EMA: The massive bullish engulfing candle reveals the increased bullish influence that has resulted in the golden crossover. Furthermore, the 100-day and 200-day EMA have given a bullish crossover, increasing the overall sentiment.
MACD: The MACD and signal lines have avoided a bearish crossover for the second time and maintain a positive alignment as the bullish histograms resurface. Hence, the technical indicators side is on the Ethereum bulls.
Institutional Support on the Rise With Growing Ethereum ETFs
With a daily net inflow of $90.10 million on Nov. 27, the cumulative net inflow on the Ethereum ETF rose to $240.41 million. Leading the inflow pack, Fidelity’s FETH accumulated $38.01 million worth of inflows, followed by Grayscale’s $37.29 million and VanEck’s $13.25 million.
Most of the rest of the US-spot Ethereum ETF registered a net zero flow, with Bitwise’s ETHW having a net inflow of $1.56 million. With the total net assets of the Ethereum spot ETF rising to $10.80 billion worth 2.47% of the Ethereum market cap, the institutional support is gradually increasing. This will likely boost the market price for Ethereum in the coming months.
Will ETH Price Hit $4,000?
Despite the intraday pullback, the recovering market sentiments anticipate a bounce back in US trading hours. The recovery run will surpass the $3,668 resistance, painting the $3,800 level as the next pitstop.
On the flip side, a slowdown in US trading will test the $3,400 support level.
Wondering if the bull run in ETH will surpass $4,000 in 2024? Find out now in Coinpedia’s well-rounded ETH price prediction!
FAQs
Ethereum is trading at $3,589, showing an intraday pullback of 1.87% after a bullish surge of 10% the previous day.
Ethereum’s bullish momentum, supported by a golden crossover and strong market sentiment, suggests it could break the $3,668 resistance and aim for $4,000.
Ethereum’s immediate support level is $3,400, with additional strong support at $3,200, marking the breakout trendline level.
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