Despite a bearish sentiment prevailing in the cryptocurrency market, Ethereum (ETH), the second-largest cryptocurrency globally, is positioned for a significant upward rally. A positive price action pattern and heightened interest from traders are bolstering this optimistic outlook.
Ethereum Open Interest Reaches All-Time High
On November 26, 2024, blockchain analytics company Coinglass reported that Ethereum’s Open Interest (OI) had surged by 8.9% in the last 24 hours, hitting a record high of $22 billion. This current OI level is more than double what was seen during Ethereum’s previous all-time high in November 2021.
This surge in interest from traders indicates a growing attraction to the asset, potentially propelling the altcoin to new heights in the near future.
Bullish Factors Boosting ETH’s Price Surge
In addition to the spike in open interest, Ethereum has been receiving consistent support from recent developments such as bullish price movements, the forthcoming resignation of Gary Gensler from the SEC, political endorsement from pro-crypto advocate Donald Trump, and other positive factors.
Ethereum (ETH) Technical Analysis and Future Levels
Based on CoinPedia’s technical analysis, Ethereum is on the brink of breaking through a strong resistance level at $3,500 for the first time since July 2024. Currently, the asset is in a consolidation phase within a tight range between $3,290 and $3,480.
Given the recent price action, a breakout from the consolidation phase and the resistance level could propel ETH to significant gains.
According to past price trends, if ETH surpasses the resistance level and closes a daily candle above $3,550, there is a strong likelihood of a 15% surge towards the $4,100 mark in the near term.
Currently, the asset is trading above the 200 Exponential Moving Average (EMA) on the daily chart, indicating an uptrend. Traders and investors often rely on this indicator to determine an asset’s trend direction.
Meanwhile, ETH’s Relative Strength Index (RSI) remains below 70, suggesting that the asset is not yet overbought and still has potential for further growth in the days ahead.
Current Price Momentum
At the time of writing, Ether is hovering around the $3,475 level, registering a 4.10% increase over the past 24 hours. During this period, trading volume has surged by 72%, indicating increased engagement from traders and investors following the bullish outlook on the asset.
