Ethereum has experienced a notable rise of over 8%, driven by renewed optimism in the investment community following Donald Trump’s election victory. This recent rally, however, finds ETH trading below an essential resistance level, which has constrained its price since early August. For Ethereum to regain its momentum and shift towards a bull market, overcoming this resistance is critical.
Market analysts are closely monitoring Ethereum ’s progress. Recent technical assessments indicate that ETH seems to be accumulating strength, and breaching the current resistance could lead to a significant rally. The favorable market sentiment in response to Trump’s win, particularly as he is perceived as supportive of cryptocurrency, has generated expectations for increased volatility and potential upward movement in Ethereum ’s price.
Currently, Ethereum is striving to surpass a crucial resistance level at $2,750, which has been a barrier since early August. A successful breakout above this point is deemed essential for validating a sustained price rally. Analysts suggest that if ETH manages to break through this resistance, it could see a target price of around $3,400, marking a crucial moment for the cryptocurrency.
As Ethereum approaches this pivotal resistance, the market is preparing for the implications of Trump’s election win and the upcoming interest rate decision by the Federal Reserve. The positive momentum triggered by Trump’s victory could provide an opportunity for Ethereum to rally, but the market may still experience turbulence due to potential announcements from the Fed.
Ethereum is currently trading at $2,745, according to CoinMarketCap data, following a solid surge from a recent low of $2,355. While this move offers a glimmer of hope for bullish investors, breaching the $2,750 resistance is crucial for continuing this upward trajectory. The 200-day exponential moving average is a key indicator that aligns with this resistance. Holding above this level could catalyze further gains, whereas a failure to do so could lead to consolidation or a decline towards lower support levels. As such, the upcoming days are vital in determining Ethereum ’s short-term direction.
