Ethereum’s price climbed to $2,596, marking a 6.82% daily gain as the global crypto market cap rose by 8.11% to $2.47 trillion. Total market volume reached $165.48 billion, showing a substantial 95.70% increase in trading. DeFi contributed $6.62 billion, or 4.00%, to the 24-hour volume, while stablecoins dominated with $152.56 billion, representing 92.19% of the total.
Ethereum’s market cap increased to around $313 billion, reflecting renewed investor interest. Trading volume for ETH rose significantly, pointing to heightened market engagement as prices surged. Ethereum’s robust market cap ratio highlights its steady position in the broader crypto landscape.
Ethereum (ETH) Maintains Stability
On November 5, Ethereum spot ETFs recorded no net inflows or outflows, marking the fourth such instance this year (previously seen on August 30, October 7, and October 9). This stability may indicate that investors are waiting for more decisive market signals.
Ethereum’s technical indicators show continued bullish momentum. The RSI is at 68.11, nearing overbought territory, which could suggest a correction if buying pressure eases. The average RSI of 41.79 reflects recent price gains. Bullish crossovers in moving averages are evident, with the 9-period MA at $2,461.46 and the 21-period MA at $2,458.64, reinforcing the upward trend.
Ethereum finds immediate support at around $2,460, with stronger support near $2,400. Key resistance lies at $2,630, with a potential target of $2,700 if broken, adding momentum to Ethereum’s current trend. The bullish price movement and technical indicators signal optimism, though RSI levels may hint at pullbacks if overbought conditions persist.
