The price of ether (ETH), the native token of the Ethereum blockchain, rose by 3.2% against the U.S. dollar on Saturday, breaking above the $3,700 mark. This movement contrasted with bitcoin (BTC), which dipped slightly, losing less than a percentage point.
Ether’s climb stood out amid a choppy crypto market. The second-largest digital asset by market capitalization reached an intraday high of $3,719 per unit. As of press time, ether’s market value is $446 billion, accounting for 13% of the $3.43 trillion cryptocurrency market. Its top trading pairs over the weekend included tether (USDT), USD, first digital USD (FDUSD), USD coin (USDC), and bitcoin.
ETH/USD at 4:34 p.m. Eastern Time via Bitstamp on Saturday Nov. 30, 2024.
This upward momentum triggered $19.21 million in liquidated short positions on crypto derivatives markets, while $11.12 million in long positions were also liquidated. Data from Coinglass.com showed ether leading liquidations over the past four hours. The asset’s daily chart paints a mixed picture with oscillators showing different signals. The relative strength index (RSI) at 69.8 and Stochastic at 89.6, for instance, both indicate near-overbought conditions but remain neutral overall.
Meanwhile, at the same time, ETH’s commodity channel index (CCI) at 160.1 signals strength despite flashing overbought conditions, hinting that profit-taking might occur soon. The average directional index (ADX) at 42.5 reflects a strong trend but lacks clear direction, and the awesome oscillator at 499.5 shows positive momentum without a decisive tilt. By 4:34 Eastern Time on Saturday Nov. 30, ETH dipped back under the $3,700 range to $3,697 per coin.
Further, indicators such as momentum at 643.0 and the moving average convergence divergence (MACD) at 209.7 are aligned with bullish trends, suggesting increasing price velocity. Ether’s moving averages on all timeframes are promising. However, given ether’s approach to overbought territory, cautious optimism remains prudent. As ether continues to navigate its upward trajectory, the delicate interplay of positive signals and overbought conditions may define its next moves.
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