Ethereum Price Prediction As Recovery Hits 7-Month High; Is $3000 Next Target?

Ethereum Price Prediction As Recovery Hits 7-Month High; Is $3000 Next Target?

Ethereum Price Prediction: The ETH price breakout from another resistance sets the recovery rally to surpass the $2300 mark.

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Ethereum Price Prediction: Ethereum, the second-largest cryptocurrency by market capitalization, has been showcasing substantial growth throughout November. A significant boost came on the 9th of this month, as ETH price experienced a notable 12.3% intraday increase. This surge was primarily driven by news that BlackRock, the world’s largest asset management company, had filed an application for a spot Ethereum ETF. In the wake of this development, Ether reached a seven-month peak, hitting $2,130, and appears poised for further breakouts.

Also Read: BlackRock Files First Ethereum Spot ETF

Is ETH Sustainable Above $2000?

  • With the supply pressure at $2136 resistance, the ETH price may witness a minor pullback
  • Completion of flag pattern sets a potential target of $2340, followed by $3000
  • The intraday trading volume in Ether is $20.2 Billion, indicating a 5.2% gain.

Ethereum Price PredictionSource- Tradingview

Over the past 30 days, the Ethereum price trajectory has been impressive, climbing from a low of $1,522 to a recent high of $2,136 – a 40% increase. A key moment in this rally was on November 5th, when coin buyers successfully pushed the price beyond the resistance trendline of a bullish flag pattern. 

This move led to a surge past the significant $2,030 barrier, culminating in the recent 7-month high. With strong accumulations across various Ethereum addresses and BlackRock filling applications for spot Ethereum ETF, the crypto market witnessed positive boasts among traders. 

As of the latest trading sessions, the ETH price at $2,095. Although there is a slight intraday loss of 1.2%, this minor pullback might lead to revisiting the $2,030 level in search of potential support. 

Should the coin price stabilize at these higher price levels, the momentum could carry it further up, potentially by another 12% to reach the $2,340 mark, aligned with the first target of the flag pattern.

Ethereum Holders in Profit

Global In/Out of the Money (GIOM) metric for EthereumSource- intotheblock

The Global In/Out of the Money (GIOM) metric for Ethereum indicates that currently, 62.13% of ETH addresses are ‘in the money’ (profiting), while 34.19% are ‘out of the money’ (at a loss). With the prevailing market recovery sentiment and a majority of holders in profit, there is a reduced likelihood of a panic sell-off, suggesting that investors might continue to support the ongoing bullish rally.

  • Exponential Moving Average (EMA): The positive crossover between the 100-day and 200-day EMA slopes is likely to encourage buyers to maintain the current recovery trend.
  • Directional Moving Index (DMI): The significant gap between the DI+ and DI- slopes, currently in a bullish crossover, underscores the prevailing bullish sentiment in the market

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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