After lagging behind for months, Ethereum (ETH) has now successfully surpassed the $3,500 mark on November 25 signaling a robust bullish recovery. This recent price surge is attributed to the upcoming alt season and the upsurge in Bitcoin price.
With surpassing the $3,500 price mark for the first time since July, ETH has caught up with the recent spikes in Bitcoin price – which is on the urge to break $100,000. The latest market data from TradingView shows that ETH is currently trading around $3,490 – up 13% in the past 7 days.
ETH Price Analysis for this Week
As ETH price is now trying to re-accumulate price levels above $3,500, this range could be seen as key levels for its next leg push to $4,000. It is expected that ETH will consolidate near this price level before its next potential move.
The above chart also shows that the range of $3,800 – $3,900 is also a major resistance for ETH to reclaim the $4,000 price mark. However, in order to maintain its price above $3,500, ETH would need a solid push this week.
While the trajectory appears promising, potential volatility in Bitcoin price – as it is approaching the $100,000 mark – and macroeconomic factors could severely affect its market dynamics. Investors are now closely monitoring broader market trends, including Bitcoin’s performance and altcoin market trend which often influences Ethereum’s price movement.
Ethereum’s path to $4,000 hinges on sustained buying pressure and a supportive macro environment. Analysts remain optimistic but cautious about short-term volatility.
Also Read: Wrapped Bitcoin Crashes Below $6,000 on Binance Following Coinbase Delisting
