Ethereum trades in the $2.9K range, after gaining over 3.55%.
ETH could hit $3K if it clears the $2,950 resistance.
Following the US election of 2024, a notable surge has ignited within the cryptocurrency market to rekindle the bullish rally. Post the period of persistent difficulties, the largest altcoin, Ethereum (ETH), has finally broken above the $2,880 mark. At present, the asset is at a crucial juncture, attempting to hit $3K.
As Ethereum has entered the bullish market, it has gained over 3.55% over the past 24 hours. However, due to its upside correction, ETH is poised for a remarkable rally. At press time, Ethereum is trading at $2,914.
Over the day, the asset has visited its lowest price of $2,781 and climbed to the peak price of $2,954. It’s crucial to note that the market observed a liquidation of $59.96 million worth of Ethereum during this timeframe. Meanwhile, the daily trading volume of ETH stays at 30.84 billion.
On the other side, ETH has marked a steady 16% over the last seven days. The asset opened the trading week at $2,520, and the volatile market dragged the price down, and later it climbed up.
In addition, the Ethereum Foundation has released its 2024 report, displaying that as of Oct. 31, its treasury totaled around $970.2 million. Notably, 99.45% of its crypto holdings are in Ethereum, which represents 0.26% of the total ETH supply.
What Lies Ahead for ETH’s Price?
The four-hour price chart of Ethereum showcases the ongoing upside momentum. The asset’s fresh start at $2.9K hints at a further gain. Moreover, the current bullish pace might drive the asset to hit $3K and climb beyond if the ETH price could likely test the resistance at $2,950.
On the flip side, if ETH fails to stretch out to the $2,950 mark, it might likely kickstart a downside correction. The immediate support can be found around the $2.8K level. A steady decline might push the price lower to the $2,740 range and take ETH to its previous price range.
Besides, the technical analysis of Ethereum exposed the current bullish momentum. The Moving Average Convergence Divergence (MACD) line is likely settled above the signal line, forecasting the arrival of a positive trend in the market.
ETH chart (Source: TradingView)
Particularly, the Chaikin Money Flow (CMF) indicator at 0.24 suggests a strong market signal reflecting solid demand and hinting at further upside movement. Meanwhile, Ethereum’s daily trading volume is down by over 11.75%.
The current market sentiment of ETH is in overbought territory, as the daily relative strength index (RSI) is positioned at 79.78. The daily frame of the asset displays the short-term 50-day MA above the long-term 200-day MA.
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