November was probably one of the toughest months this year for Ethereum (ETH). Just shortly after hitting historic highs, the coin followed that rally with a massive drop as sentiment waned. Ether (ETH) was hovering dangerously just above $ 3,500 from all-time highs of $ 4,600. But an explosion in buying activity now suggests that a rally is ahead. Here are some highlights:
Sentiment towards ETH evolves positively, with buying volume set to explode
Bullish rally well before Christmas could see ETH crack well above $ 4,000 and move forward
Analysts don’t rule out possibility of all-time highs by year-end
Data source: Tradingview.com
Ethereum (ETH) – price action and analysis
Ethereum trading in November really wasn’t for the weak. The wild price swings observed were simply unprecedented. At one point, ETH hovered 30% in less than a week, marking the period of sustained market volatility. But the change in tone of the US Fed’s rate hike acted as a catalyst for the bulls to take action.
At the time of the FOMC announcement, ETH was trading at around $ 3,687. But a buying bargain drove the price higher, ultimately raising ETH above $ 4,000. This is, however, still a bit further from the highs of $ 4,600. In addition, there is a real risk of overheating the RSI in the coming days. But analysts still see a steady, slow rise in value, with projections putting ETH well above $ 4,600.
Should you buy Ethereum today?
It’s always a good time to buy Ethereum. It is, after all, one of the major mega-cap coins in the market. In addition, the feeling around the room improved considerably later. Whether that will hold up in the New Year remains to be seen. But for long-term betting, it’s still a good time to get into Ether if you haven’t already.