7 November 2024
Ethereum has surged over 8% following Donald Trump’s election victory, igniting fresh optimism among investors. Despite this rally, ETH still trades below a crucial resistance level, keeping the price in check since early August.
This resistance, a critical barrier, must be cleared for Ethereum to regain its bullish momentum fully. Analysts are watching closely, with top crypto expert Inmortal sharing a recent technical analysis that suggests Ethereum could be gearing up for a significant breakout.
According to Inmortal’s analysis, ETH appears to be building strength, and a push above this resistance could unlock the potential for a sustained rally. The market’s response to Trump’s win, particularly as he is seen as a pro-crypto candidate, has boosted sentiment, and many now anticipate increased volatility and upside for Ethereum.
Investors are now eyeing ETH’s next moves, with any break above the current resistance likely to signal the beginning of a stronger upward trend. As Ethereum inches closer to this key level, market participants are preparing for what could be a defining moment in ETH’s performance this cycle.
Ethereum Pushing Key Supply
Ethereum is pushing to break a critical resistance at $2,750, a level that has kept ETH under pressure since early August. This resistance has been a strong barrier; breaking above it is essential for confirming a sustained rally.
Top crypto analyst and investor Immortal recently shared a detailed technical analysis on X, where he outlined a $3,400 price target for ETH if it successfully clears this key resistance.
In his analysis, Inmortal emphasized that Ethereum, often dubbed the “most hated coin” in the current market, is worth paying close attention to despite its recent underperformance. Many investors have expressed frustration with ETH’s lagging momentum compared to other assets, making a breakout above $2,750 a potential game-changer for sentiment and price action.
The coming days will be pivotal as the market digests the impact of Donald Trump’s election victory and prepares for the Federal Reserve’s upcoming interest rate decision on Thursday. Trump’s win has already created bullish momentum across the crypto market, and Ethereum’s breakout could capitalize on this shift in sentiment. However, volatility may remain high, and any unexpected news from the Fed could impact ETH’s trajectory.
If ETH can hold above $2,750 and continue pushing higher, the $3,400 target outlined by Inmortal could come within reach, marking a strong recovery phase for Ethereum. For now, the crypto community will be watching closely, as this breakout level can potentially define Ethereum’s performance in the months ahead.
ETH Technical Analysis
Ethereum is trading at $2,620 after a solid 12% surge from recent lows at $2,355. This price movement has given bulls hope that a rally may be on the horizon. However, ETH must break above the key $2,750 resistance level for the bullish momentum to continue and reclaim price action.
This level coincides with the 200-day exponential moving average (EMA), a crucial indicator of long-term strength. A breakout above this level and a successful retest would signal a market sentiment shift, confirming that ETH is on track to regain bullish control.
The 200-day EMA is often viewed as a significant support level once the price holds above it. If Ethereum manages to close above this level and maintain the price, it could spark further upside movement. On the other hand, if Ethereum fails to break above $2,750 and struggles to hold, it would signal a failed breakout.
In such a case, ETH could face further consolidation or retrace to lower demand levels, possibly around $2,500 or even lower. Bulls must remain vigilant as the coming days will be critical for confirming Ethereum’s next move.
Featured image from Dall-E, chart from TradingView