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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Momentum Builds: 10% Surge Sparks ATH Hopes

Christian Encila
Christian Encila
9 months ago
3 mins read
Ethereum

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Created by industry experts and meticulously reviewed
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Breaking out of an eight-month downward trend, Ethereum (ETH) is back in the news. This marks a major turning point for the second-largest cryptocurrency by market capitalization.

The coin rose more than 5% in a single day, reaching $3,525, and has gained 38% in the last 30 days. Analysts are buzzing, implying that ETH still has a lot of upside potential as it continues to rise.

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This latest breakthrough has inspired more general market confidence. ETH has risen by 10% over the past week, therefore confirming its dominance in the crypto scene. Technical analysts like Logical Trader say that this action signals the beginning of a longer-term bullish trend with medium- and long-term expansion obviously evident.

What a move in ETHUSD
This is how the price should behave when it breaks out of the descending trend channel. #crypto #Ethereum pic.twitter.com/tepsK7grmO

— Logical Trader (@logicaltra6er) November 23, 2024

Bullish Technical Signals

Ethereum’s technical indicators show a strong upward trend. The Relative Strength Index (RSI) has reached 70, indicating heavy buying pressure. Furthermore, ETH has broken its 30- and 200-period moving averages, strengthening its bullish trend.

Titan of Crypto noted an interesting development: a weekly closure higher than the Kumo Cloud. With a probable second aim of $4,862 should momentum continue, this technical breakout projects ETH might soon test resistance levels near $4,189.

#Altcoins #Ethereum Golden Cross Incoming 🚀#ETH has closed above the weekly Kumo Cloud: an important milestone.

This breakout could pave the way to $4,100 next! 🎯 pic.twitter.com/q0eOVgxgnU

— Titan of Crypto (@Washigorira) November 25, 2024

The upside would get further boosted with an upcoming Golden Cross, in which the shorter-term moving average will cross above the longer-term one. In fact, this has historically led to very strong price rallies. If such bullish signs are accompanied by sustained buying activity, ETH may approach these higher price levels in the near term.

Ether market cap currently at $402 billion. Chart: TradingView.com

Ethereum Fundamentals Remain Solid

Beyond the technical prowess, Ethereum shines still through its strong dominance in decentralized finance, or DeFi, and a myriad of blockchain applications. The network holds more than half of the total value locked into DeFi, so it is surely pertinent to the ecosystem.

Furthermore, the emergence of ETH-based layer-2 solutions increases their scalability and appeal to both developers and users.

Source: Coinglass

Meanwhile, activity in the Ethereum derivatives market is soaring. Open interest has topped $20 billion, with traders eyeing $3,400 and $3,500 for options that expire soon. Increased transaction volumes per block are also driving up fees, lowering ETH’s circulating supply and potentially raising prices even further.

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Solana (SOL) ATH Sparks $309 Price Prediction Frenzy – Details

9 months ago

Room For growth amidst optimism

While Ethereum’s price has increased by 66% in the previous year, many analysts say it remains undervalued. Predictions of a gain above $4,800 this cycle indicate the market’s belief in ETH’s future.

At the same time, if pro-crypto legislation passes in the US, it could speed up the rise of crypto even more. Ethereum looks like it will go up, maybe even to new all-time highs, because its fundamentals are strong, it is becoming more popular, and its technical setup is good.

Featured image from DALL-E, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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