Leading altcoin Ethereum (ETH) has experienced a notable price surge over the past 24 hours, breaking the $3,600 mark. As of this writing, ETH exchanges hands at $3,613, a level it last traded at in June. 

This rebound has been fueled by a massive trading volume exceeding $43 billion in the past 24 hours. This hints at a sustained rally toward the psychological $4,000 price mark.

Ethereum Price Surge Hints at Altcoin Season

ETH’s trading volume has totaled $43 billion over the past 24 hours. This surge in trading activity has propelled the coin’s value to a price last observed five months ago.

When an asset’s trading volume climbs alongside its price, it indicates strong market interest and confidence in the upward movement. This combination suggests that the price rally is backed by significant buying activity, making it more sustainable.

Therefore, ETH’s high trading volume reflects the uptick in market demand and broad participation. This reduces the likelihood of a sudden reversal.

Further, Ethereum’s recent surge suggests a potential shift toward the altcoin season. According to Blockchain Center’s Altcoin Season Index (ASI), the score now stands at 61 out of 100, nearing the 75-point threshold to signal the commencement of the highly-anticipated time.

Notably, some profit-taking activity is already underway due to this price surge. This is reflected in the coin’s positive exchange netflow volume. On Wednesday, 54,974 ETH valued above $199 million were sent to exchanges. 

The exchange netflow volume metric measures the difference between inflows into and outflows from exchanges over a specific period. When an asset’s netflow is positive, more coins are moving into exchanges than leaving, often signaling potential selling pressure as traders prepare to sell.

This increase in supply on exchanges can weigh on the price if demand does not match the heightened availability.

ETH Price Prediction: Rally Toward Year-To-Date High

Despite this, the overall bullish sentiment in the Ethereum market remains strong, suggesting that the uptrend may persist. The setup of ETH’s Parabolic Stop and Reverse (SAR) indicator, as assessed on a daily chart, confirms this bullish outlook.

This indicator identifies potential trend reversals and provides dynamic support and resistance levels. It places dots above or below the price chart: dots below the price suggest a bullish trend, while the dots above indicate a bearish trend. 

As in ETH’s case, when the SAR rests below the price, it signals upward momentum and suggests a bullish trend. If the bullish trend persists, the ETH coin price may breach resistance at $3,669 and climb toward its year-to-date high of $4,093.

On the other hand, a decline in bullish pressure will occasion the ETH coin price to fall toward support formed at $3,336. 

As November ends and December 2024 begins, investors are likely to shift their focus toward portfolio rebalancing or exploring new altcoin opportunities. The Decentralized Physical Infrastructure Network (DePIN) narrative is gaining attention, making it a key sector to watch. Here are some top DePIN altcoins to keep an eye on.

In this analysis, BeInCrypto discusses five top DePIN altcoins to watch next month, highlighting why these cryptos may garner a lot of attention in the market. They include Filecoin (FIL), Arweave (AR), Grass (GRASS), io.net (IO), and NetMind Token (NMT).

Filecoin (FIL)

Filecoin, which has a market capitalization of $3.44 billion, tops the list of DePIN altcoins to watch in December. For an altcoin that lost a chunk of its value during the second and third quarters, Filecoin has shown strength within the last 30 days.

Over this mentioned period, the price has increased by 56.22%. However, it is still largely down from its all-time high, suggesting that it still has more room to grow. 

From a technical point of view, the Awesome Oscillator (AO), which measures momentum, has continued to remain in the positive region. Typically, when the AO is negative, momentum is bearish.

But when it is positive, it is bullish, which is the case with FIL. If this remains the case, the altcoin’s price might climb to $6.50 within the first few days in December. However, if momentum turns bearish, that may not happen, and Filecoin could drop to $4.96.

Arweave (AR)

Second on the list of the top DePIN coins to watch is Arweave, a project focused on a decentralized storage network. Over the last seven days, AR’s price has increased by 20.98%, making it one of the best-performing altcoins in the top 100.

At press time, the token’s price is $21.13. The daily chart shows that the altcoin hit this price due to the formation of an inverse head-and-shoulders pattern.

This pattern is a bearish to bullish reversal that was validated after AR bottomed at $133. However, the token currently faces resistance at $22.05 but could help AR breach this obstacle. 

Should this happen, the Arweave’s price could climb to $24.57 in the short term. If buying pressure increases, this might be higher. However, if bears have the upper hand, the price could decrease to $18.96.

Grass (GRASS)

In October, BeInCrypto named GRASS one of the top DePIN altcoins to watch in November. Interestingly, the recently launched project did not disappoint, climbing by 300% within the last 30 days.

Currently, GRASS’ price is $3.48 and has been hitting lower highs (LH) on the 4-hour chart. Due to this price movement, the altcoin’s value could likely hit a new all-time high in December, surpassing $3.90 in the process.

If that happens, then it might not be out of place to see GRASS at $5. On the flip side, if the altcoin loses this bullish momentum, this prediction might not come to pass. Instead, it could decrease to $2.81.

io.net (IO)

Another DePIN altcoin to watch in December is io.net, which prides itself on being the world’s largest decentralized AI computing network. Within the last 30 days, IO’s price has increased by 65.13% while trading at $2.93.

On the daily chart, IO’s price has risen above the 20-day Exponential Moving Average (EMA). This position means that the trend around the altcoin is bullish, and the price might continue to climb.

If the token continues to hold this position, its value could rise above $4 in December. On the other hand, if interest in IO drops, the prediction might be invalidated, and the token could decline below $2.

NetMind Token (NMT)

The top DePIN altcoins to watch will be incomplete without mentioning NetMind Token, which is a token built on the BNB Chain. Today, NMT’s price is $3.76, while its trading volume has increased by 350% in the last 24 hours.

This surge in volume indicates rising interest in the token. NMOR’s value has increased by 76.10% since yesterday. Between September 25 and November 5, NetMind Token’s price dropped from $3.89 to $1.29.

But since then, bulls have been pushing the value higher. In December, the altcoin’s price is likely to go higher. If that is the case, the cryptocurrency could climb above $5.  

But if profit-taking rises, this might not happen. Instead, NMT’s price could drop to $2.72.

Bitcoin price is recovering higher above the $94,000 level. BTC is consolidating and aims for a fresh increase above the $97,000 level.

• Bitcoin started a fresh increase from the $91,000 zone.
• The price is trading above $95,000 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $95,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $97,000 resistance zone.

Bitcoin Price Recovers Losses

Bitcoin price found support near the $91,000 zone. BTC formed a base and started a fresh increase above the $93,500 resistance zone. The bulls were able to push the price above the $95,000 resistance zone.

The price surpassed the 50% Fib retracement level of the downward move from the $98,880 swing high to the $90,735 low. There is also a connecting bullish trend line forming with support at $95,750 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $95,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $97,000 level. It is near the 76.4% Fib retracement level of the downward move from the $98,880 swing high to the $90,735 low.

The first key resistance is near the $98,000 level. A clear move above the $98,000 resistance might send the price higher. The next key resistance could be $99,200. A close above the $99,200 resistance might initiate more gains. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 level.

Another Drop In BTC?

If Bitcoin fails to rise above the $97,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $95,750 level.

The first major support is near the $95,000 level. The next support is now near the $93,000 zone. Any more losses might send the price toward the $91,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $95,750, followed by $95,000.

Major Resistance Levels – $97,000, and $98,000.