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ETH Price Surge: Breaking Through Resistance Levels

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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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The current market ascent has seen Ethereum breach the resistance border of this parallel channel, signifying a significant bullish breakout. Moreover, the upper trendline of the channel was retested shortly after the breakout, providing an opportunity for optimal trade entry for long positions. As Ethereum approaches the next resistance level at $3582.0, market sentiment suggests that this barrier is likely to be surpassed in the near future.

ETH Price Surge: Breaking Through Resistance LevelsEthereum 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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