Ethereum breaking above this crucial level could push it towards $1,550

After a period of difficulty, the largest digital assets in the cryptocurrency market are finally recording some notable gains, including Ethereum (ETH), which has led analysts to pinpoint critical levels that will fuel its upward movement.

Assuming Ethereum maintains its current strength, reverses the crucial $1150 level and breaks above $1225, it will pave the way for an upward rally towards $1350 and possibly even $1550, as notice By cryptocurrency trading expert Michael Van de Poppe on November 29.

Analyze and predict the price movement of Ethereum. source: Michael Van de Poppe

Increased user activity

Likely due to the recent price hike, active Ethereum addresses have surpassed a six-week high, recently reached on October 15, which was followed by a 30% price increase over the next three weeks, to me to the in-chain analysis platform feelings.

Ethereum user activity. source: feelings

Alongside the price hike, Ethereum has also been seeing steady gains in major addresses since early November, pushing the number of sharks and whales addresses (which hold between 100 and 100,000 ETH) to a 20-month high, feelings data Offers.

Ethereum technical analysis

However, the daily technical analysis (TA) indicators for Ethereum remain relatively uncertain, with its summary standing in the “Neutral” position at 10, with 9 indicating “Buy” and 7 indicating “Sell”.

This summary is from moving averages (MA), which are also stuck in “neutral” at 1, while equally indicating “buy” and “sell” respectively at 7. Oscillators, on the other hand, are more bullish, because they stand at “Buy” zone at 2, against 9 in “neutral” and no “sell” indicators.

One-day technical analysis of Ethereum. source: TradingView

Meanwhile, Ethereum has already begun its movement in the direction predicted by Van de Poppe, changing hands at $1,265, showing an increase of 4.26% on the day and 8.51% in the previous week, reducing the loss by 20.14%. on the monthly chart.

Ethereum price chart over 7 days. source: quinphone

Moreover, the cryptocurrency community in CoinMarketCap It maintained its bullish stance on the future of decentralized finance (DeFi) assets, estimating that it will trade at an average price of $1,413.61 by December 31, in line with Van de Poppe’s prediction.

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Ethereum Breaking Above This Crucial Level Could Push It Towards $1,550 appeared first on Coinphony.

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