Ethereum Price Analysis: ETH Rallies 8% To Hit A Fresh Record High Above $4,650
Ethereum price is up 8% over the last 24 hours refreshing record highs to $4,650. ETH market cap and daily trading volumes also increase over the same time frame. Ethereum price prediction is bullish for the long-term as ‘hodlers’ aim for $10K.
The Ethereum price has rallied approximately 8% over the last 24 hours and refreshed record highs during the early Asian trading sessions on Wednesday. This comes in the wake of continued bullish flows seen in the options markets. Ethereum’s market capitalisation has increased by 6.38% to $543,785,260,934 with the daily trading volume jumping $21,282,796,749 over the same time frame.
Several large bull call spreads reached the finish line of the world’s largest crypto options exchange, Deribit on November 01 in terms of trading volumes and open interest.
Ethereum Price Is Set To Discover New Highs As Bulls Aim For $10K
ETH/USD price bounced off the $4,275 support level November 02 shattering the $4,392 to set a new all-time high around $4,480. The Ethereum price upward movement continued today as bulls pushed the price to surpass the previous peak price to refresh the ATH above $4,650 during the Asian hours.
The ETH bullish run appears unstoppable with analysists predicting a between $8,000 and $10,000 Ethereum price before the end of the year.
ETH/USD Daily Chart
For the bullish momentum to be sustained, ETH must discover support at the $4,392 level. If this happens, the largest altcoin by market capitalisation will rise to tag new highs as 10K becomes a possibility.
The upsloping moving averages and the upward movement of the Relative Strength Index (RSI) indicator towards the overbought region validate Ethereum’s bullish narrative.
On the flipside, a drop below the $4,275 support wall could see ETH price drop to tag $4,088 support wall. Ethereum could take a breather here before continuing the upswing.
A further drop below this point could see ETH drop further to tag the $3,900 psychological level or the moving averages below it.Source