Will ETH Reach Key Resistance as Market Momentum Builds?
- Ethereum’s price rose to $2,596 with a 6.82% gain.
- The global crypto market cap surged by 8.11%, reaching $2.47T.
The global crypto market cap surged to $2.47 trillion, marking an 8.11% increase in the last 24 hours. Total crypto market volume soared to $165.48 billion, reflecting a significant 95.70% surge in trading activity. DeFi’s share of this volume stood at $6.62 billion, accounting for 4.00% of the total crypto market’s 24-hour volume. Stablecoins dominated with $152.56 billion, representing 92.19% of the overall volume.
Ethereum’s price experienced an uptick, reaching $2,596.01, up by 6.82% on the day. The asset’s market cap rose to approximately $313 billion, underscoring the renewed investor confidence in the cryptocurrency . Trading volume for Ethereum spiked, signalling an increase in market activity as traders reacted to the upward price movement. The market cap ratio remains robust, showcasing Ethereum’s resilience within the broader crypto ecosystem.
Ethereum (ETH) Holds Steady
On November 5, spot Ethereum ETFs reported no net inflows or outflows, based on data from Farside Investors. This absence of change in investment flows was the fourth instance this year, aligning with similar occurrences on August 30, October 7, and October 9. This stability in ETF movements suggests a period of observation as investors await stronger directional cues.
The technical chart reflects Ethereum’s bullish momentum. The RSI stands at 68.11, indicating a near-overbought condition, which could hint at a potential correction if buying pressure diminishes. The RSI average hovers at 41.79, suggesting recent gains have pushed the metric higher. Moving averages display bullish crossovers; the 9-period MA is at $2,461.46, while the 21-period MA sits at $2,458.64, reflecting a short-term upward trend.
Immediate support levels for Ethereum appear around $2,460, with stronger support at $2,400. On the upside, the primary resistance level stands at $2,630. If Ethereum breaches this, it could target $2,700, adding to the recent positive momentum. The surge in price and technical crossovers signal a bullish outlook, but traders should watch for RSI movements to anticipate potential pullbacks.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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