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News - Ethereum price breaks $3,500 mark
Ethereum is showing itself at the beginning of the week, with the price reaching its highest level since July. Still, analysts are warning of a possible correction.
Ethereum breaks through psychological barrier
On Nov. 25, the price of Ethereum (ETH) broke through the $3,500 mark for the first time since July, according to data from TradingView. At the time of writing, ETH is up 3.6%, at a price of $3,490.
Ethereum thus recovered from a small dip over the weekend and is temporarily outperforming Bitcoin. In the ETH/BTC chart, Ethereum even recorded a 3.7% increase on a daily basis.
"The market seems to expect Bitcoin to move sideways until December, while the short-term focus shifts to Ethereum," stated analysts at Singapore trading firm QCP Capital.
🔔 ETH - Leverage Driven Pump
— Maartunn (@JA_Maartun) November 25, 2024
Ethereum's price surge is being fueled by leveraged positions, indicating heightened risk in the market. This scenario often presents a strong short-term shorting opportunity, provided it's approached with careful risk management. pic.twitter.com/RJyKPlLZ8m
Next goal: $4,000
With the breaking of the psychologically important $3,500 barrier, a price level of $4,000 is approaching. Still, on-chain analysts warn of potential risks.
According to Maartunn of CryptoQuant, the recent rise is largely due to an increase in leveraged positions in the derivatives market, worth $1 billion. This indicates a "increased risk in the market," the analyst said.
