Ethereum Technical Analysis Report 27th November 2024
Ether faced resistance at the downtrend line on November 23 but showed resilience as buyers stepped in to support the dip. The key level to monitor on the downside is the 20-day EMA at $3,141, which could determine the next move. According to research, discussions about Ethereum have intensified, particularly regarding its price performance compared to other crypto assets. Many users are expressing optimism about Ethereums potential to outperform other major assets, especially in the current favorable market environment. Additionally, Ethereum maintained its top position for weekly NFT sales, recording $49 million. While this represents a 25.9% decline from the previous week, it underscores Ethereums ongoing dominance in the NFT space.
At the time of writing, ETH was trading at $3,450.
ETH, after giving the range breakout ($2,350 to $2,7500), surged almost by 25% up to $3,442. Post this move, the asset witnessed some profit booking and corrected to $3,015. ETH took multiple support at $3,000 and rallied up to $3,546. ETH has a strong resistance at $3,750, once it breaks and sustains above this level then we can expect it to rally further up to $4,000.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $3,000 | $3,350 | ETH | $3,750 | $4,000 |
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