The post Ethereum (ETH) Price Surges 10% as Trading Volume Increases Substantially appeared on BitcoinEthereumNews.com.

TLDR Ethereum has broken above $3,300 and shows strong momentum Price reached a recent high of $3,499 before a minor correction Technical indicators suggest bullish momentum with MACD in positive zone Key resistance levels identified at $3,420 and $3,500 Support levels established at $3,285 and $3,220 Ethereum’s price has demonstrated remarkable strength in recent trading sessions, breaking through the crucial $3,300 resistance level with conviction. The second-largest cryptocurrency by market capitalization has shown a clear upward trajectory, gaining more than 10% in value during the latest rally. The price movement began with strong support near the $3,120 level, which served as a springboard for the current upward momentum. Bulls successfully pushed the price through several key resistance levels, including $3,220 and $3,300, establishing a solid foundation for further gains. In a notable development, Ethereum reached an intraday high of $3,499 before experiencing a minor retracement. The correction found support above $3,280, indicating strong buyer presence at lower levels. This price action suggests healthy market dynamics with natural pullbacks being met with fresh buying interest. Technical analysis reveals that Ethereum is trading comfortably above the 100-hour Simple Moving Average, a widely watched technical indicator that often signals market sentiment. This positioning above the moving average provides additional confirmation of the bullish market structure. The immediate price action is facing some resistance near $3,350, where a short-term bearish trend line has formed. However, this resistance appears temporary given the overall market strength and positive technical indicators. Trading volume has shown consistent growth during this price advance, lending credibility to the upward movement. The increased trading activity suggests genuine market participation rather than isolated large orders driving the price action. Ethereum Price on CoinGecko The MACD indicator has entered the bullish zone, providing technical traders with additional confidence in the current market direction.…

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Filed under: News - @ November 25, 2024 2:22 pm