Ethereum (ETH), after trailing for several months, managed to break through the $3,500 mark on November 25, indicating a strong bullish rebound. The recent price hike is mainly due to the approaching alt season and the significant increase in Bitcoin’s price.
For the first time since July, ETH has reached this milestone and is keeping pace with Bitcoin’s recent surges as the latter nears the $100,000 mark. The latest market data from TradingView reveals that ETH is currently trading around $3,490, having recorded a 13% gain in the past seven days.
As ETH attempts to re-establish and hold price levels above $3,500, this range is regarded as crucial for its next upward push towards $4,000. It is anticipated that ETH will consolidate near this price point before its next potential move.
The chart also indicates that the $3,800 – $3,900 range poses a major obstacle for ETH to reclaim the $4,000 price level. To maintain its price above $3,500 this week, a significant boost is essential.
Although the outlook seems favorable, potential fluctuations in Bitcoin’s price as it nears $100,000 and macroeconomic factors could have a substantial impact on Ethereum’s market behavior. Investors are now closely observing broader market trends, especially Bitcoin’s performance and the altcoin market trend, which frequently influence ETH’s price fluctuations.
Ethereum’s journey to $4,000 depends on continuous buying momentum and a conducive macroeconomic backdrop. Analysts are optimistic yet cautious regarding short-term price volatility.
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