- Ethereum price has witnessed a price increase of 5.57% in the last 24 hours.
- The altcoin’s daily trading volume has surged by 51.46% as per CMC data.
The crypto market has gone ablaze with the recent significant market rally. Bitcoin’s reaching the new $1 million milestone, has rendered increased liquidations in the market. Meanwhile, on the regulatory end, President-elect Donald Trump announced Paul Atkins as the new SEC Chairman. This also has sparked several discussions among the community amid the BTC focal point.
Notably, following Bitcoin, several leading altcoins showed modest price increases. However, the AltSeason seems to have quietened down today, in comparison to the past few days. Ethereum, in the last 24 hours has factored in a modest price increase of 5.57% fueled by the BTC price rally.
In the Asian afternoon hours of December 4, the altcoin was trading at the $3.6K level. However, as key events materialized, the cryptocurrency broke resistance levels to reach current trading levels. At the time of writing, ETH was trading at $3,903 as per CMC data.
Over the past few months, Ethereum failed to record significant upward movements. Despite several bull cycles, the cryptocurrency showed resistance to budge beyond the $3K level. While its other counterparts including Solana and XRP staged significant bull runs, ETH showed stagnation.
Will Ethereum Price Stage a Bull Run?
Inferring to Ethereum’s technical indicators, the altcoin shows intriguing data. Its Moving Average Convergence Divergence (MACD) signal line stands above the MACD line. This indicates a positive trend in ETH’s price movements. Moreover, the cryptocurrency’s bull power indicator value is 1.90.
ETH/USDT Daily Price Chart (Source: TradingView)
On the other hand, its bear power indicator value stands at -0.10 as per TradingView data. This clearly indicates a bullish takeover scene thus suggesting that ETH might witness a bull run in the coming days. Notably, the bulls have caused Ethereum to hit a 192-day high of $3,922.
In the case of a bull run, Ethereum might face resistance at $3,930 and $4,034. Moreover, several market analysts had predicted that Ethereum might witness price breakouts towards the end of the year.
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