- Ethereum surges 7%, securing 13.36% of the $4.33T crypto market cap with a $570B valuation.
- Institutional backing and $42.4B trading volume fuel Ethereum’s bullish momentum to $3,800.
- SuperTrend signal hints at Ethereum’s potential to reach $7,500 amid growing altcoin interest.
Ethereum (ETH) performed well and had a 7% upswing on Thursday, November 28 while Bitcoin rose by 2.32%. This rally raised the market cap of Ethereum to $570 billion which is 13.36% of the $4.33 trillion cryptocurrency market cap placing Ethereum as one of the giants in the cryptocurrency market.
Although Bitcoin was the best-performing asset in 2024, ETH still outshines others when the Bitcoin’s rally loses some steam. This latest price increase is accompanied by trading volume above $42.4 billion, indicating a highly active market. Today, the price of ETH is $3,632, which is a 14.23% increase within the past week. Ethereum’s prices are expected to rise in the future according to traders and analysts.
Source: TradingView
Ethereum Price Set for Growth
Crypto analyst Tony ‘The Bull’ Severino pointed out that Ethereum has just produced a SuperTrend buy signal, which is a positive sign historically. Similar signals in 2023 led to a 120% price rise for ETH. Severino sees the price of ETH potentially rising to $7,500 if things remain the same.
Technically, cryptocurrency price is demonstrating strength as it continues to trade within a bullish trend. A breakout from $3,323 backed by a bullish engulfing candle took ETH to a 24-hour high of $3,688 but then it corrected to $3,589. Ether is currently retesting important Fibonacci resistance levels which indicate the possibility of continued growth. If the $3,668 level is broken, analysts say ETH could aim for $3,800, while $3,400 is a solid support level.
Source: TradingView
Fidelity, Grayscale Boost ETH
The growth of ETH is also boosted by the growth of institutional investors. As of November 27, Ethereum ETFs attracted $90.1 million in investment, which took the YTD total to $240.41 billion. ETF giant Fidelity’s FETH led the list with $38.01m in inflows, while Grayscale and VanEck products also attracted investor capital. This institutional backing is considered as a major positive signal of the future performance of ETH.
Source: Farside
The ASI at the moment stands at 61 which is just a few points away from the 75 benchmark that marks the beginning of an altcoin season. If Ethereum continues like this, it will create further buying pressure across the entire altcoin market.
Ethereum is expected to make a major move by analyst Jelle as bearish pressure is expected to reduce. Higher investors’ confidence, high trading volume, and positive sentiment pointing to the fact that cryptocurrency is preparing for a major rally. ETH could get back to higher levels in the future, which will mean that the altcoin market is indeed on the rise.
Ethereum’s recent jump is evidence of increasing investor confidence and an uptick in the trading of altcoins. ETH has benefited from institutional backing, high trading activities and extremely bullish technical signals that show ETH is ready to climb even higher. With price approaching major resistances, everyone is waiting to see what it will do next. I believe that if ETH breaks up, it will set the stage for an exciting phase in the crypto market regardless of whether ETH will continue to rise or consolidate.
