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Ethereum surged more than 8% after Donald Trump’s election victory, sparking new optimism among investors. Despite this rally, ETH is still trading below a crucial resistance level, keeping the price in check since early August.
This resistance, a critical barrier, must be breached for Ethereum to fully regain its bullish momentum. Analysts are watching closely, with leading crypto expert Inmortal sharing recent technical analysis that suggests Ethereum could be gearing up for a major breakout.
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According to Inmortal’s analysis, ETH appears to be strengthening, and a push above this resistance could unlock the potential for a lasting rally. The market response to Trump’s victory, especially since he is seen as a pro-crypto candidate, has boosted sentiment, with many now expecting increased volatility and upside for Ethereum.
Investors are now interested in ETH’s next moves, with any break above current resistance likely to signal the start of a stronger uptrend. As Ethereum approaches this key level, market participants are bracing for what could be a defining moment in ETH’s performance this cycle.
Ethereum pushes key offering
Ethereum is working to break critical resistance at $2,750, a level that has kept ETH under pressure since early August. This resistance constituted a solid barrier; surpassing it is essential to confirm a sustained rally.
Leading crypto analyst and investor Immortal recently shared a detailed technical analysis on
In its analysis, Inmortal highlighted that Ethereum, often dubbed the “most hated coin” in the current market, deserves special attention despite its recent underperformance. Many investors have expressed frustration with ETH lagging behind other assets, making a break above $2,750 a potential game-changer in terms of sentiment and price action .
The next few days will be crucial as the market digests the impact of Donald Trump’s election victory and prepares for the Federal Reserve’s next interest rate decision on Thursday. Trump’s victory has already created bullish momentum in the crypto market, and Ethereum’s breakout could capitalize on this change 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 set 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 can potentially define Ethereum’s performance in the months to come.
ETH technical analysis
Ethereum is trading at $2,620 after a solid 12% rise from the recent low of $2,355. This price movement has given bulls hope that a rally could be on the horizon. However, ETH needs to break above the key resistance level of $2,750 for the bullish momentum to continue and resume price action.
This level coincides with the 200-day exponential moving average (EMA), a crucial indicator of long-term strength. A break above this level and a successful retest would signal a change in market sentiment, confirming that ETH is on track to regain bullish control.
The 200-day EMA is often considered an important support level once price holds above it. If Ethereum manages to close above this level and hold the price, it could trigger a further upward move. On the other hand, if Ethereum fails to rise above $2,750 and struggles to hold, it would signal a failed breakout.
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In such a case, ETH could face further consolidation or return to lower demand levels, perhaps around $2,500 or even lower. Bulls must remain vigilant as the next few days will be critical in confirming Ethereum’s next move.
Featured image of Dall-E, chart by TradingView
