Ethereum reached $3,688 on November 28, its highest in six months. That’s big news, but it didn’t stay there long. The market took a breather, and ETH slid back to $3,580. Still, it ended the week with a 5% gain, which isn’t too shabby, considering the wild 18% jump earlier. The real question? Is Ethereum gearing up for an even bigger move—or is this just another tease?
A Bullish Mood, But Is It Enough?
There’s definitely some excitement brewing. In the futures market, funding rates show more traders are betting on ETH going up, which is a good sign. But let’s not get ahead of ourselves. This optimism isn’t anywhere close to what we saw during the 2021 peak of $4,890.
Most ETH holders are pretty happy right now, though. About 88% of them are in profit at current prices. That’s not bad, right? Another 4% are just breaking even, while only 8% are down. On-chain data shows that loads of investors bought ETH between $3,489 and $3,707. For them, this is a sweet spot. But those who jumped in above $3,707? They’re still waiting for the market to do its thing.
Slowing Down—or Warming Up?
Here’s where it gets tricky. Even though ETH’s price has been climbing, the RSI (Relative Strength Index) has been falling. That’s a fancy way of saying momentum is losing steam. If prices drop further, ETH could head toward $3,046, which is its next big support level.
Another thing to keep an eye on is trading volume. It’s down by a whopping 34.90% in the past 24 hours. That’s a red flag because it means fewer people are buying and selling. Even whales (those big-money investors) seem unsure. Data shows they’re equally split between longs and shorts, so the market might just hang tight for now.
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What’s Next for Ethereum?
It’s a mixed bag, honestly. On one hand, there’s a lot of optimism among investors, and most are sitting on profits. But on the other hand, technical signals like the RSI and trading volume are screaming, “Hold up, something’s off!”
So, will Ethereum push past $3,688 and aim for new highs? Or are we looking at a period of cooling off—or even a correction? No one knows for sure, but one thing’s certain: It’s going to be interesting to watch.
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