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Ethereum’s value rose more than 8% after Donald Trump’s election victory, sparking new optimism among investors. Despite this rally, Ethereum is still trading below a crucial resistance level, keeping the price in check since early August.
This resistance, a crucial barrier, must be cleared for Ethereum to fully regain its upward momentum. Analysts are watching closely, with one of the top cryptocurrency experts, Inmortal, sharing a recent technical analysis suggesting that Ethereum could be poised for a major breakout.
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According to Inmortal’s analysis, ETH appears to be building strength, and a push above this resistance could open up the possibility of a continued rally. The market’s response to Trump’s win, especially as he is seen as a pro-crypto candidate, has boosted sentiment, and many are now anticipating increased volatility and upside for Ethereum.
Investors are now looking to ETH’s next moves, and any break above current resistance will likely signal the start of a stronger uptrend. As Ethereum approaches this key level, market participants are preparing for what could be a defining moment in Ethereum’s performance this cycle.
Ethereum pays the main supply
Ethereum is pushing to break the critical resistance at $2,750, a level that has kept Ethereum under pressure since early August. This resistance served as a strong barrier. A break above it is necessary to confirm the continued rise.
Best crypto analyst and immortal investor I recently shared a detailed technical analysis on XHe set the target price for ETH at $3,400 if it succeeds in surpassing this key resistance.
In his analysis, Inmortal emphasized that Ethereum, which is often called the “most hated currency” in the current market, deserves close attention despite its recent poor performance. 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 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 cryptocurrency market, and an Ethereum breakout could benefit from this shift in sentiment. However, volatility may remain high, and any unexpected news from the Fed may impact ETH’s trajectory.
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If ETH can hold above $2,750 and continue rising, the $3,400 target set by Inmortal could be within reach, marking a strong recovery phase for Ethereum. For now, the cryptocurrency community will be watching closely, as this breakout level will likely determine Ethereum’s performance in the coming months.
Ethereum technical analysis
Ethereum is trading at $2,620 after a strong 12% rally from recent lows of $2,355. This price action has given the bulls hope that a rally may be on the horizon. However, ETH must break through the key resistance level of $2,750 for the bullish momentum to continue and price action to recover.
This level coincides with the 200-day Exponential Moving Average (EMA), which is a crucial indicator of long-term strength. A break above this level and a successful retest would signal a shift in market sentiment, confirming that ETH is on its way to regaining bullish control.
The 200-day moving average is often seen as an important support level once the price stabilizes above it. If Ethereum can close above this level and maintain the price, it could lead to further upward movement. On the other hand, if Ethereum fails to cross the $2,750 level and has difficulty holding, this will indicate a failed breakout.
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In such a case, ETH may face further consolidation or pull back to lower demand levels, perhaps around $2,500 or less. Bulls should remain vigilant as the coming days will be crucial to confirm Ethereum’s next move.
Featured image by Dall-E, chart from TradingView