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Ethereum has risen more than 8% following Donald Trump’s election victory, sparking new optimism among investors. Despite this rally, ETH is still trading below a crucial resistance level, keeping its price in check since early August.
This resistance, a crucial barrier, must be cleared before Ethereum can fully regain its bullish momentum. Analysts are keeping a close eye on it, with top crypto expert Inmortal sharing a recent technical analysis that suggests Ethereum could be preparing for a significant breakout.
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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 reaction to Trump’s victory, especially as he is seen as a pro-crypto candidate, has boosted sentiment, with many now expecting greater volatility and upside potential for Ethereum.
Investors are now looking forward to ETH’s next moves, with any break above current resistance likely marking the start of a stronger uptrend. As Ethereum approaches this key level, market participants are preparing for what could be a defining moment in ETH’s performance this cycle.
Ethereum pushes key supply
Ethereum is trying to break a critical resistance at $2,750, a level that has kept pressure on ETH since early August. This resistance has been a strong barrier; breaking above is essential to confirming a sustained rally.
Top crypto analyst and investor Immortal recently shared a detailed technical analysis on Xwhere he outlined a $3,400 price target for ETH if it were to successfully overcome this key resistance.
In its analysis, Inmortal highlighted that Ethereum, often called 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 break above $2,750 a potential game-changer for sentiment and price action.
The coming days will be critical 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 victory has already created bullish momentum in the crypto market, and Ethereum’s breakout could benefit from this shift in sentiment. However, volatility may remain high, and any unexpected news from the Fed could impact ETH’s trajectory.
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If ETH can hold above $2,750 and continue to rise, the $3,400 target outlined by Inmortal could be within reach, marking a strong recovery phase for Ethereum. For now, the crypto community will be watching closely as this breakout level could potentially determine Ethereum’s performance in the coming months.
ETH Technical Analysis
Ethereum is trading at $2,620, after a solid 12% rise from recent lows at $2,355. This price movement has given bulls hope that a rally is on the horizon. However, ETH needs to break above the key resistance level at $2,750 for bullish momentum to continue and price action to regain.
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 shift in market sentiment, confirming that ETH is on track to regain bullish control.
The 200-day EMA is often seen as a significant support level once price holds above it. If Ethereum manages to close above this level and sustain the price, it could trigger further upward movement. On the other hand, if Ethereum fails to break above $2,750 and struggles to hold, this would be a signal of a failed breakout.
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In such a case, ETH could face further consolidation or retreat to lower demand levels, possibly around $2,500 or even lower. Bulls should remain vigilant as the coming days will be critical in confirming Ethereum’s next move.
Featured image of Dall-E, chart from TradingView
Credit : www.newsbtc.com
