- Ethereum price has rallied 8% during the final week of November.
- ETH hurdled past several critical barriers, hinting that the uptrend will continue.
- A breach below $1,214 would make void ETH's bullish potential.
Ethereum price has investors watching closely as the recent recovery could be the start of a much larger move. As the bulls trot higher, subtle signs suggest the ETH price could continue to rally. Traders should consider engaging with Ethereum’s price action while practicing healthy risk management protocols to avoid any last-minute liquidity spikes before the month-end.
Ethereum price shows strength
Ethereum price is currently up 8% in the week as the bulls have taken charge following a weekend of rangebound trading. On Tuesday, November 29, the bulls produced a strong bullish engulfing candle that pierced through the 8-day exponential and 21-day simple moving averages. The indicators now hover below the auctioning price. If market conditions persist, a bullish cross will ensue. Bullish crossovers occur when a shorter-term moving average crosses above a longer-term moving average. They are usually the catalyst for significant upticks in volatility and uptrend hikes.
Ethereum price currently auctions at $1,264. If the market is as bullish as the technicals portray, then the $1,374 price zone would be a valid target to aim for. The target is extracted from a Fibonacci retracement tool surrounding the steepest part of the November bear rally. The bulls have successfully breached the 38.2% fib level at $1,254, and the 50% fib level lies at $1,374.
ETH/USDT 4-hour chart
The bullish countertrend rally depends on the thurst candle, which breached the 38.2% Fib level at $1,214 remaining unbreached. If the bears tag that level, the uptrend scenario would be void. A potential to fall back into the previous range near $1,100 would become a likely outcome, and such a move would result in a 14% decrease from the current Ethereum price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.