CandleFocus Will Ethereum (ETH) Hold the $3K Line or Drop Below?
2024-11-11
Author: Content Editor
The cryptocurrency market has seen a surge in its market cap to $2.73 trillion, with Bitcoin reaching its all-time high at $81.8K and Ethereum surpassing the $3K mark. This bullish movement could potentially lead to a rally and fuel the upcoming altcoin season. However, Ethereum has lost 2.30% in the past 24 hours due to bearish price action, currently trading at $3,139. A Genesis-related wallet has transferred 1,550 ETH worth $5 million to Coinbase after being inactive for nearly 3 years, triggering a surge in activity and an increase in transaction volume. Technical indicators show a brief negative sentiment but also suggest the possibility of an upside rally. ETH's price chart signals a potential rally to $3.5K and beyond if it maintains bullish momentum, but a downside correction could occur if it fails to do so. The ongoing market sentiment of ETH is approaching the overbought zone, and the daily RSI is positioned at 66.92.
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