Ethereum Analyst Sets $3,400 Target Once ETH Breaks Key Resistance – Details
06 Novembro 2024 - 11:00PM
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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.
Related Reading: Solana ‘Must Break Descending Resistance’ To
Regain Bullish Momentum – Analyst 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. Related Reading:
Ethereum Analyst Shares Correlation With S&P500 – Last Dip
Before It Hits $10,000? 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. Related Reading: Dogecoin Analyst Reveals Buying
Opportunities At Lower Prices – Details 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
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