Ethereum Starts to Rise as It Gets Closer to $3,400

Ethereum (ETH) Current Statistics

The current price: $3,030.84
Market Capitalization: $365,061,675,216.05
Trading Volume: $32,627,215,173.06
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis November 9, 2024

Ethereum’s (ETH) price has broken through the overhead resistance as it gets closer to $3,400. Bullish momentum is predicted to reach a peak of $3,400. The three-month-old horizontal pattern has been broken, and the altcoin has begun an upward trend. On the upside, if the bulls break above the resistance of $3,400, the bullish momentum will continue to the highs of $3,600 and $3,800.

Meanwhile, the biggest altcoin has achieved a high of $3,011 as of the time of writing. However, if Ether falls below the $3,400 resistance, the altcoin will be forced to trade sideways below the resistance and above the breakthrough level of $2,850. Meanwhile, Ether has continued its positive trend, reaching the market’s overbought territory.

ETH Technical Indicators Reading

Ether price bars are significantly higher than the horizontal moving average lines. On the 4-hour chart, the altcoin has a bullish crossover, with the 21-day SMA rising above the 50-day SMA. The 21-day SMA slopes upwards and is close to the price bars. The altcoin will recover and start its bullish rise again when the price retests the 21-day SMA.This means that cryptocurrencies will continue to rise.

Conclusion

The 4-hour chart shows Ether on an uptrend as it gets closer to $3,400. On November 7, the crypto price broke through the barrier and pulled back to retest the support before beginning its upward trend. Ether is aiming for resistance at $3,400. The cryptocurrency signal is favorable, as purchasers continue their bullish ascent.

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