The Ethereum market has shown remarkable resilience, with bullish momentum persistently overcoming resistance levels with notable strength. Following a bullish break of structure on November 9th, Ethereum’s price action formed a parallel channel, indicating a period of consolidation and potential upward movement.
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Ethereum Key Levels
Demand Levels: $2907.0, $2170.0, 1933.0
Supply Levels: $3582.0, $4870.0 $5000.0
What Are the Indicators Saying?
Analyzing indicators further reinforces the bullish sentiment surrounding Ethereum. The demand for Ethereum has surged significantly in recent weeks, as evidenced by the 24-hour volume indicator. Additionally, the Average Daily Range Indicator, measuring the daily price fluctuation, has reached its highest level since 2022. This indicates substantial buying pressure propelling Ethereum’s price upwards, with the all-time high of $4870.0 remaining the major target for investors during this period of bullish momentum.
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