Key Insights
- •Ethereum (ETH) price experienced a 10% increase this week, primarily driven by $312 million in Ethereum (ETH) ETF inflows.
- •The cryptocurrency has formed a falling-wedge pattern on its daily chart, suggesting a potential 50% rally.
- •Ethereum (ETH) is approaching a critical technical level by the end of November, which a top analyst believes could influence December's price action.
Factors Driving Ethereum's Weekly Surge
Ethereum's price soared by 10% this week, with a significant portion of this growth attributed to $312 million in Ethereum (ETH) ETF inflows observed over the past five days. This surge brought the cryptocurrency back above the $3,000 mark.
The growing institutional demand, as evidenced by ETF inflows, has stimulated renewed buying activity in both spot and derivatives markets. Strategic investors have also re-entered accumulation phases.
Arkham reported that wallets associated with Tom Lee saw an additional $44.3 million in ETH transferred to Bitmine-linked accounts.
In a press release on November 24, Tom Lee confirmed that Ethereum's annual shareholders meeting is scheduled for January 2026 in Las Vegas. He also noted that ETH has established solid short-term support around $2,500 and indicated that the market might be entering a significant super cycle.
These comments suggest the potential for substantial future movements in ETH's price, prompting close observation from investors.
Chart Analysis: Technical Signals and Future Outlook for Ethereum
Ethereum's price action on its daily chart has formed a falling-wedge pattern, a technical indicator that often precedes a significant upward movement, potentially around 50%.
This pattern, characterized by prices being contained between downward-sloping trendlines, signals a potential weakening of selling pressure and an impending upward breakout.
The pattern indicates that sellers are losing momentum, frequently leading to a breakout to the upside. Traders are monitoring this development closely, as a successful move above the wedge could initiate the next major rally for ETH.
Ethereum is currently approaching a key resistance level situated just below the middle band of the Keltner Channel, around $3,108. Indicators suggest that Ethereum's momentum is beginning to shift favorably.
The MACD indicator has moved back into positive territory, and Woodies CCI is also above zero, continuing to form higher lows. These combined signals suggest increasing buying pressure and a gradual restoration of market confidence, shifting the focus to the next critical test for the cryptocurrency.
Analysts indicate that Ethereum requires a strong daily close above the mid-wedge resistance, estimated to be between $3,150 and $3,200, to confirm a significant breakout and pave the way for a larger price advance.
Should this breakout be sustained, the falling-wedge pattern projects a target range between $4,500 and $4,600, representing a potential increase of approximately 53% from current price levels.
December Price Forecast: The Significance of Closing Above the Kijun Line
Ethereum is approaching the end of November with a crucial technical level in view. According to prominent analyst Titan of Crypto, this level is poised to significantly influence Ethereum's price trajectory throughout December.
On the monthly chart, ETH is currently testing the Kijun-sen, a line frequently utilized in Ichimoku analysis as a major trend filter. Historically, monthly closes above this line have been precursors to strong upward price movements.
Analysis of past cycles reveals multiple instances where reclaiming the Kijun line marked the beginning of multi-month advances, whereas failing to hold above it often signaled a period of consolidation or decline.
The current setup appears to mirror these historical patterns. Ethereum has re-established a position above the Ichimoku cloud and is working to maintain this level.
The critical question remains whether November will close above the Kijun line. Titan of Crypto suggests that a positive close above this level would significantly increase the probability of a favorable price performance in December.