Bulls are fighting tooth and nail, and it seems that Ethereum holders are not letting go of their tokens. Currently the second-largest cryptocurrency, Ethereum has gained more than 40% in the month of November as of 7:49 pm GMT.
As per data from CoinMarketCap, the bulls are currently in favor of the price action as Ether (ETH) jumps by more than 6% on a single daily candle. The trading volume of the token surged by around 26.13%, resting at $22 billion.
This surge in trading volume supports the “cup and handle” formation on the weekly chart that TheCoinRise recently reported.
As previously said by Ethereum co-founder Vitalik Buterin, Ethereum Ecosystem is the driving force for the token as ETH maintains its 2nd position in the crypto market and threatens to dethrone BTC in the near future.
The candle for Nov 23 opened at $4086 and rose to the daily high of $4361. The lowest price for the day was $4059. This bullish impulse came after two consecutive bearish candles brought the prices from $4400 to $4000.
Ethereum price analysis on the daily chart
As per the daily chart below, the prices are bullish, and what seems to be a bearish transformation in the short term is actually a correction of the recent gains. Ethereum continues to dominate the altcoin market with 19.6%.
The 50-day Moving Average acted as the price support, which prevented a further fall in Ether prices. Currently, the prices continue above the 50-day and 100-day Moving Averages, which is the indication of an uptrend in the long term.
Moreover, Ethereum is currently resting in the lower region of the Bollinger Bands and suggested an imminent breakout. But, the sudden onset of bullish sentiment in the market led to a price surge for Ethereum, stalling the breakout.
The MACD indicator represents a bearish scenario as the histogram is covered with red bars. Also, the MACD line (blue) accelerates below the signal line (orange), which means that sellers are in charge of the market sentiment.
The RSI levels show that Ethereum is ready to enter the bullish zone, i.e., above the 50-level on the RSI. The gradient is sharply positive, and if sellers lose dominance, bulls might take prices towards the current all-time high above $4700, which TheCoinRise team witnessed.
The current gas fee currently is $48.25, according to the data from Etherscan.io. Comparing the current gas fees to early November, when ETH crashed and transaction fees rose to $300, the gas fees are very low. If such gas fees continue with reduced netwoek congestion, investors won’t refrain from buying Ether.
