Ethereum’s price surged to $2.6K, marking a 5% increase in the past 24 hours. Analysts are predicting a potential breakout for ETH as the crypto market prepares for November.
The market opened with a 4.68% surge in market cap, reaching $2.4 trillion in the last day. Bitcoin, the largest cryptocurrency, broke above $71K, while Ethereum (ETH) also entered the bullish market with a 5.53% gain in the past 24 hours. At the time of writing, Ethereum is trading at $2,620.
Throughout the day, Ethereum’s price fluctuated between $2,471 and $2,627, resulting in a $39.95 million liquidation of Ethereum. The daily trading volume of ETH also surged by 93.18%. However, over the last seven days, ETH experienced a 1.10% dip as it dropped from $2,653 to $2,387.
Analysts are closely monitoring Ethereum’s price movement, which appears to be forming a consolidating triangle pattern within narrowing trendlines, indicating a potential breakout and a neutral to positive outlook for ETH.
Technical indicators suggest a bullish signal for Ethereum, with the Moving Average Convergence Divergence (MACD) line positioned above the signal line. The Chaikin Money Flow (CMF) indicator also hints at increased money flow with a positive outlook. Additionally, the daily trading volume of ETH has reached $21.76 billion.
With a neutral market sentiment and the daily relative strength index (RSI) above 60, Ethereum’s short-term 50-day moving average is currently above the long-term 200-day moving average.
Looking at the four-hour price chart, ETH has surpassed the $2,590 mark and could rally towards the $3K zone if it breaks past $2.7K. Conversely, a fall from the current price level might trigger a price drop towards the nearby $2,500 support zone.
In other crypto news, Coinbase CEO is demanding an apology from the SEC for what he deems as frivolous cases.
