The price of Ethereum experienced a significant jump, surging to $2.6K and gaining over 5% in the past 24 hours, according to analysts. As November approaches, the crypto market is breaking free from bearish pressure and showing signs of recovery. Market cap increased by 4.68% to reach $2.4 trillion within the last day.
Bitcoin, the largest cryptocurrency, has surpassed $71K, while Ethereum, the leading altcoin, has also entered the bullish market with a 5.53% gain in the past 24 hours. This bullish price action suggests that Ethereum is poised for a substantial upside rally. At the moment, Ethereum is being traded at $2,620.
Throughout the day, Ethereum’s price ranged between $2,471 and $2,627. During this time, approximately $39.95 million worth of Ethereum was liquidated, according to Coinglass data. Additionally, the daily trading volume of ETH has increased by 93.18%.
Over the past seven days, Ethereum experienced a minor dip of 1.10%. The week started with the asset being traded at $2,653, but the volatile market dragged its price down to $2,387.
An important observation to note is the analyst’s chart indicating that Ethereum’s price movement is forming a consolidating triangle pattern within narrowing trendlines, suggesting an upcoming breakout. The chart also shows a neutral to brief positive outlook for ETH.
Technical indicators on the four-hour chart for Ethereum suggest a bullish signal. The Moving Average Convergence Divergence (MACD) line is positioned above the signal line, signaling a potential bull run. The Chaikin Money Flow (CMF) indicator is at 0.10, indicating an increase in money flow and a positive outlook. The daily trading volume of ETH has also reached $21.76 billion.
The current market sentiment is neutral, as the daily relative strength index (RSI) is above 60. Furthermore, on the daily timeframe, the short-term 50-day moving average is above the long-term 200-day moving average.
Looking at the four-hour price chart, Ethereum has recently surpassed the $2,590 mark. If it manages to break past $2.7K, the asset could rally towards the $3K zone. However, if the price falls back from its current level, it might trigger a decline towards the nearby support zone at $2,500.
In other news, Coinbase CEO is demanding an apology from the SEC for what he considers to be frivolous cases.
