Ethereum Price Forecast: Golden Cross Formation Signals Potential Surge Above $4,000

Ethereum is making moves in November 2024, showing us some interesting things happening in the market. Although it has seen a 46.11% climb, it’s actually the second-worst performer among the top 10 cryptocurrencies.

Some big players, known as Ethereum whales, are feeling confident. They’ve been stocking up on ETH, with their numbers nearing monthly highs at 5,557 addresses. This signals that these big holders believe in the market.

On the flip side, short sellers are ramping up their positions with a total of $918 million in short bets, reacting to Ethereum struggling to stay above $3,500. Long positions, on the other hand, add up to about $218 million, creating a $700 million difference between the bears and bulls.

Looking at the technical side of things, Ethereum is facing a key resistance level at $3,600. If it can break through this point, it might just have a shot at reaching $4,000, a milestone not seen since December 2021. This move would represent an 11% increase from where it stands now.

The short-term trading picture shows Ethereum moving within an upward channel since November 16. However, a recent drop below the $3,314 mark has raised some concerns among traders, so we’ll have to keep a close eye on how things develop.

Support levels are crucial for Ethereum right now, with floors set at $3,000 and $2,359. These levels have historical significance as points where buyers typically step in to support the price from dropping further.

Some technical indicators, like the MVRV 7-day metric, show a neutral to slightly bullish outlook right now. However, there’s a chance we might see some price corrections in the near future based on historical data trends.

There’s also an interesting pattern forming on the charts as the 50-day and 200-day moving averages are getting closer to a “Golden Cross” formation. This could bring in more buyers, especially since the last “Death Cross” in August caused a 35% price drop.

All in all, it’s an exciting time for Ethereum, with both big players and short-sellers making moves. Keep an eye on those support levels and watch for any breakouts or breakdowns in the coming days. It’s a dynamic market out there, and anything can happen!