On November 23, 2024, Ethereum experienced a significant surge of over 10%, reaching a trading price of $3,333. This impressive recovery is part of a broader bullish trend in the cryptocurrency market, as investor optimism reignites with Ethereum nearing its yearly highs.
Key data indicates Ethereum's Taker Buy Volume spiked to $1.683 billion in a single hour, reflecting aggressive buying activity and strong demand in the futures market. The surge is largely attributed to profits being cycled out of Bitcoin, with investors reallocating gains into Ethereum, solidifying its position as the second-largest cryptocurrency.
Ethereum's price is currently testing a critical resistance zone just below $3,450, which has historically acted as a barrier since late July. A decisive breakout above this level is crucial for confirming an uptrend and maintaining momentum for new highs. Holding above the 200-day moving average at $2,959 further supports the bullish outlook.
The next few days are pivotal for Ethereum; a successful breach of the $3,450 resistance could trigger a sustained rally, while failure to do so may lead to short-term consolidation as bulls regroup.