Ethereum has surpassed $3,600 for the first time since June, marking a series of bullish recoveries. As of November 28, Ethereum (ETH) is trading at around $3,580, marking a 15% gain in just seven days.
This price is primarily driven by expectations for the upcoming altcoin season and Bitcoin's impressive rally with BTC approaching the $100,000 mark.
The market is currently focused on ETH eyeing its next milestone of $4,000. Whale activity suggests that accumulation continues as the amount of ETH holding the address has increased in recent days. However, ETH is unable to break above $3,220 and technical analysis predicts that it could fall to $3,033.
The main resistance level is currently in the $3800-$3900 range. A successful breakout could pave the way for a possible all-time high of $4,000 and even beyond. However, rapid price changes can cause significant volatility as market liquidation risk increases.
If ETH rises significantly above $3,700, leveraged short positions will be at risk, so investors and traders should be wary of sudden changes. Ethereum’s bullish momentum could continue as altcoins prepare to take center stage.
However, the market remains unpredictable and caution should be exercised as Ethereum moves through these volatile price levels.
Also read: Analyst predicts Ethereum could reach $20,000 next year
