Ethereum is showing significant growth, reaching a quarterly high of $2,956 and triggering a 6% uptick in the ETH/BTC chart.
Ethereum Breaks Above 161-day Bearish Trend
Ethereum achieved a pivotal breakout on the daily chart on November 6, boosting positive market sentiment. This bearish trend had been active since May 2024. Independent crypto trader Marzell highlighted that the current ETH/BTC scenario “shows the best buying opportunity for ETH in 4 years!”
ETH/BTC Eyes Daily Close Above 50-day SMA
Technical analyst Benjamin Cowen pointed out that for the ETH/BTC trend to reach a bottom, the pair needs to close above the 50-day simple moving average (SMA). ETH/BTC has been under the 50-day SMA for most of 2024. Anonymous analyst Freddy noted that every ETHBTC pump over 5% marked a local top this year, except in August.
TOTAL3 Hits Key Resistance along with ETH, ETHBTC
Technical analyst CryptoChille observed that the daily charts of ETH, ETHBTC, and TOTAL3 are uniformly testing a key resistance level. Breaking these resistances could increase the chances of a strong upward movement, potentially leading to a breakout of the TOTAL3 key resistance and sparking a sharp altcoin rally.
Ethereum and altcoins are capturing market attention with their current movements. However, investors should exercise caution and consider potential risks.
