- Ethereum price witnessed signs of trend reversal and climbed above the key EMAs.
- Amid Fed Rate decision looming this week, ETH price aims to reach $3000.
Recently, the Ethereum (ETH) price witnessed signs of short covering. This week, the token has rallied over 20% amid Donald Trump’s victory in the US Presidential Elections. A falling channel breakout was recorded, and the ETH price may reach the $3000 mark shortly.
Amid the recent price surge of over 20%, market participants were still expecting further price rallies. This happened as the ETH crypto price climbed above the key EMAs, and bulls gained traction.
Ethereum Rally Likely with the Fed’s Potential Rate Cut in Sight
Crypto Analyst Michael Van De Poppe highlighted that the crypto market may continue the bullish heat. He expects the Federal Reserve to cut 25 basis points in the upcoming meeting this week. This may fuel further bullish traction, and the Ethereum price will soon cross the $3000 barrier.
#Ethereum bounces upwards.
— Michaël van de Poppe (@CryptoMichNL) November 6, 2024
I think we'll continue that pace. The FED meeting on Thursday is important to watch, where they'll likely state another 25bps rate cut.
Then –> continuation on the markets and $90,000-100,000 for Bitcoin next. pic.twitter.com/NTPPmYJzAj
In addition, he mentioned ETH crypto’s recent recovery from a descending trend. That suggested a probable trend reversal if buying pressure returns to par. He added that a massive bullish divergence was formed on the daily chart, representing a trend reversal ahead.
The ETH price is testing key support levels and with a healthy macroeconomic backdrop. The token could sail further.
ETH Price At Press Time
The ETH price was trading at $2798 at press time. The token’s price noted an intraday surge of over 0.10% and witnessed flat movement over the past 24 hours. It has a total supply of 120.42 Million and boasts a market cap of $337.81 Billion.
Over the last 7 days, Ethereum’s price surged 18%. It has climbed above the 200-day EMA barrier, representing a bullish outlook.
Ethereum Price Prediction: What Do Charts Say?
Ethereum price prediction on a daily time frame represented a bullish bias. Since May 2024, lower highs and lower lows have formed. However, a trendline breakout was witnessed yesterday. That fueled bullish optimism among the market participants.
The price action indicated sellers have begun covering their short positions. It happened as the ETH crypto reflected signs of a trend reversal. The Relative Strength Index (RSI) curve reached the overbought zone, around 64 at press time. It represents a positive crossover on the charts.
Moreover, the Moving Average Convergence Divergence (MACD) indicator plotted green histogram readings. That represented the bullish outlook.
Since the beginning of this month, the ETH crypto active addresses data has noted a rise and has crossed 700k. This conveyed growing investor interest in the coin.
Data from Coinglass revealed that the Open Interest (OI) has risen over 8.69% to $16.11 Billion. A significant buildup has happened over the last 24 hours, guiding a bullish bias.
A significant short covering may trigger in case of a daily close above the $2900 mark. That would push ETH toward the $3000 mark next. The immediate support zones for ETH crypto were $2680 and $2500. At the same time, the upside hurdles were $2890 and $3000.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
