Ethereum

Bitcoin

when

<p>After months of struggling, Ethereum has broken past the $3,000 mark. This follows <a href="https://coinpedia.org/news/bitcoin-price-reaches-new-high-how-the-us-election-and-fed-rate-cut-boosted-crypto/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s new all-time high of $77,135</a>, sparking a rally across the crypto market. Experts are now speculating that Ethereum could hit $10,000 this season.</p>
<p>Let’s take a closer look at the charts and market trends.</p>
<h2 class="wp-block-heading" id="h-ethereum-breaks-free">Ethereum Breaks Free</h2>
<p>Since early August, Ethereum had been stuck in a narrow price range, fluctuating between $2,320 and $2,772. While there were attempts to dip lower, support remained strong around the $2,153 level. On November 7, after <a href="https://coinpedia.org/news/2024-us-elections-result-donald-trump-officially-elected-president/" target="_blank" rel="noopener noreferrer nofollow">Trump’s victory in the U.S. election</a>, Bitcoin surged, followed by Ethereum and other cryptos.</p>
<figure class="wp-block-image aligncenter size-large">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/11/09123457/eth-touched-3000-dollar-1024x536.png" alt="">
</figure>
<p>Ethereum broke through the $2,772 resistance for the first time in two months on November 7, confirming support above this level. The price then easily moved past the next resistance at $2,897. Within just a few hours, Ethereum crossed $3,000, and as of now, it's trading at $3,049.<br></p>
<h2 class="wp-block-heading" id="h-is-ethereum-overbought-what-the-indicators-suggest">Is Ethereum Overbought? What the Indicators Suggest</h2>
<p>With Ethereum at this price point, the <a href="https://coinpedia.org/traders/what-is-relative-strength-index-rsi/" target="_blank" rel="noopener noreferrer nofollow">Relative Strength Index</a> (RSI) is at 85.57, signaling that the asset is overbought and may need to cool down. This could mean that Ethereum enters a consolidation phase or experiences a price correction. However, the <a href="https://coinpedia.org/traders/what-is-average-directional-index-adx/" target="_blank" rel="noopener noreferrer nofollow">Average Directional Index</a> (ADX) is at 38.53, which shows that the current uptrend still has momentum.</p>
<p>Ethereum may enter a brief consolidation period before continuing its upward journey, similar to what Bitcoin is currently doing.</p>
<h2 class="wp-block-heading" id="h-investor-sentiment-profits-and-losses-at-3-000">Investor Sentiment: Profits and Losses at $3,000</h2>
<p>According to data from IntoTheBlock, 77% of Ethereum investors are in profit at this price level, while 20% of recent buyers are at a loss. Only about 4% of investors bought at or near the current price, breaking even.</p>
<figure class="wp-block-image aligncenter size-large">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/11/09123552/ethereum-in-out-of-money-1-1024x183.png" alt="">
</figure>
<p>Ethereum will face resistance as it continues to climb. Between $3,158 and $3,537, around 11.41 million addresses hold a total of 4.46 million ETH, potentially making it harder for the price to push past these levels.</p>
<p>Ethereum’s total value locked (TVL) in DeFi has been rising and now sits at $56.085 billion, according to data from <a href="https://defillama.com/chain/Ethereum" target="_blank" rel="noopener noreferrer nofollow">DefiLlama</a>. In addition, Ethereum’s trading volume has increased by 8% in the past 24 hours, and its price is up 4.12%.</p> [post_titles_links postid="377819"] 
<h2 class="wp-block-heading" id="h-will-ethereum-hit-10-000">Will Ethereum Hit $10,000?</h2>
<p>As the crypto market continues its bullish trend, traders and investors should stay alert to resistance zones and be prepared for healthy price corrections. Ethereum’s growth is strong, though some rejection is possible as it cools down before the next phase.</p>
<p>Whether Ethereum reaches $10,000 remains to be seen, but with strong momentum and growing investor interest, this milestone may not be far off.</p>

Ethereum Breaks $3,000! Can ETH Price Hit $10K in the Current Market Rally?

Table of Contents

CoinPedia News

Other articles published on Nov 9, 2024

Join our free newsletter for daily crypto updates!