How Far The Rising Ethereum Price May Reach In Coming Week?

On November 30th, the Ethereum price witnessed a significant inflow resulting in a massive breakout from $1220 and $1275 resistance in one strike. Thus, this reclaimed level offers a long entry opportunity and assists buyers in driving an ETH price higher. But; how far this potential rally may go?

Key points: 

A possible retest to the $1270 or $1220 will replenish the bullish momentum
The daily-RSI slope re-renters the bullish territory.
The intraday trading volume in Ethereum is $10 Billion, indicating a loss of 16.5%. 

Source- Tradingview

The Ethereum coin price rebounded from the $1100-$1085 support twice over the past three weeks, indicating the buyers are actively defending this level. The last reversal has pushed the price 18%, and it currently trades at $1277.

The bullish reversal has breached two resistance levels of $1220 and $1270, offering strong support levels to bolster a recovery rally. As of now, the daily candle shows higher price rejection, suggesting a retest phase is on its way.

Moreover, both the aforementioned level are suitable to support the resumption of a bullish rally. The post-retest rally may drive the price 12% higher to hit reach the $1425 resistance.

Global In/Out of the Money metric

Source- intotheblock

Concerning the current price of Ethereum, $1285, the Global In/Out of the Money (GIOM) on-chain metric suggests 49.84% of ETH holders are in profit, whereas 45.3% of holders are in loss. The indicator offers a neutral outlook, with both aforementioned parties near the 50% mark.

However, the tiny red cluster with a mean value of $1400 indicates this level is weak resistance, which increases the chance of price recovery.

Technical indicator-

Relative Strength Index: the daily-RSI slope jumps above the neutral line after nearly a month, indicating the market sentiment is improving 

EMAs: the rising price reclaimed the 20-day EMA, offering early signs of a bullish recovery. However, the other EMAs(50, 100, and 200) could provide additional resistance against a potential rally.

Ethereum intraday price levels

Spot price: $1278
Trend: Bullish
Volatility: Medium
Resistance level- $1370 and $1425
Support level- $1270 and $1220