The post Key levels to watch as ETH reclaims $3,250 support appeared on BitcoinEthereumNews.com.

Ethereum (ETH) is showing early signs of recovery as it consolidates near the $3,250 mark, reclaiming critical support levels. Despite lagging behind the broader cryptocurrency market, which has been led by Bitcoin’s (BTC) near-$100,000 rally, ETH is poised for significant momentum as altcoin season gathers steam. Ethereum key levels to watch In a recent TradingView analysis, analyst RLinda noted that ETH is signaling an imminent breakout, with key resistance and support levels poised to determine its next direction.  Ethereum price analysis. Source: RLinda/TradingView On the upside, a breakout above the immediate resistance at $3,442 would confirm bullish momentum, with the next target at $3,568.  If this level is breached, ETH could aim for the psychological barrier of $3,750, and during a strong rally, the price could even climb to $4,000, driven by the altcoin season momentum. On the downside, the immediate support at $3,028 will be critical to maintain the bullish structure, with stronger support at $2,820 acting as a continuation zone. A failure to hold these levels could push ETH lower. That being said, Ethereum’s trajectory remains closely tied to Bitcoin’s performance, prevailing market sentiment, and external catalysts. Derivatives data: Optimism despite declines The Ethereum derivatives data indicates a bullish tilt, supported by key metrics despite a slight decline in overall activity.  While trading volume has dropped by 15.75% to $41.04 billion and open interest has decreased by 2.49% to $20.41 billion, the options market shows growing demand, with options volume rising by 5.05% to $685.77 billion and options open interest increasing by 2.50% to $8.13 billion. Ethereum derivatives data. Source: CoinGlass Long positions dominate the market, with the Binance ETH/USDT long/short ratio at 3.9092 and OKX at 3.61, while top traders on Binance exhibit even stronger bullish sentiment, with a long/short ratio of 4.8411 for accounts.  Additionally, substantial…

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Filed under: News - @ November 24, 2024 6:15 pm