Ethereum

Donald Trump

View

<p>Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is now poised for a notable upside rally after breaking out from a strong resistance level. This crucial breakout occurred just after the <a href="https://coinpedia.org/news/2024-us-elections-result-donald-trump-officially-elected-president/" target="_blank" rel="noreferrer noopener">U.S. presidential election</a> results, where Donald Trump defeated Kamala Harris</p>   
<h2 class="wp-block-heading" id="h-why-eth-price-is-rising"><strong>Why ETH Price is Rising?</strong></h2>   
<p>After Trump became president of the United States, a huge upside rally was witnessed across the cryptocurrency landscape, including in Ethereum (ETH), leading to a breakout from the consolidation zone and a strong resistance level. In the past two days, ETH has rallied by more than 20%.</p>   
<h2 class="wp-block-heading" id="h-ethereum-eth-technical-analysis-and-upcoming-level"><strong>Ethereum (ETH) Technical Analysis and Upcoming Level</strong></h2>   
<p>According to the expert technical analysis, <a href="https://coinpedia.org/news/why-ethereum-could-outpace-bitcoin-soon-raoul-pal-highlights-top-factors/" target="_blank" rel="noreferrer noopener">ETH appears bullish</a> and is now poised for 23% of upside momentum to reach the $3,340 level in the coming days. This breakout is not a normal breakout, it is a breakout from a long-term declining trendline resistance that ETH has been facing since May 2024, as well as from the long consolidation ETH has been experiencing for the past three months.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/08015859/ETHUSDT_2024-11-08_01-58-50.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/08015859/ETHUSDT_2024-11-08_01-58-50-1024x449.png" alt="" class="wp-image-377241"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>With this breakout, has entered an uptrend as it is currently trading above the 200 <a href="https://coinpedia.org/traders/exponential-moving-average-ema/" target="_blank" rel="noreferrer noopener">Exponential Moving Average</a> (EMA) on the daily time frame.</p>   
<p>The bullish thesis for ETH will only hold if the asset maintains itself above the $2,880 level, otherwise, it may fail.</p>   [post_titles_links postid="377224"]   
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics"><strong>Bullish On-Chain Metrics</strong></h2>   
<p>On-chain metrics further support ETH’s positive outlook. According to the on-chain analytics firm <a href="https://app.intotheblock.com/coin/ETH" target="_blank" rel="noreferrer noopener nofollow">IntoTheBlock</a>, large transaction volume for ETH has soared by 50%, indicating significant participation from whales and institutions amid bullish market sentiment. </p>   
<p>Additionally, this notable <a href="https://coinpedia.org/price-analysis/ethereum-eyes-3000-amid-weakening-selling-pressure-can-bullish-on-chain-metrics-hold-eth-price/" target="_blank" rel="noreferrer noopener">transaction volume</a> suggests a bullish sign for the ETH holders, as it hints that bullish participation has begun.</p>   
<p>Additionally, ETH’s open interest has jumped by 11% in the past 24 hours and has been steadily rising. This increase in open interest suggests growing traders' interest and more open positions compared to previous days.</p>   
<p>With notable participation and interest, ETH has registered a gain of over 7% in the past 24 hours and is currently trading near the $2,890 level. During the same period, its trading volume dropped by 10%, indicating lower participation from retail traders.</p>

Ethereum’s Bullish Breakout, ETH Poised for 23% Rally

Table of Contents

CoinPedia News

Other articles published on Nov 7, 2024

If You Attack Cryptocurrency, You'll Lose The Election

Brazilian YouTuber Launches Meme Token in wake of $100m $MOTHER Token

Kaspa vs. Altcoin: Is Altcoin Set to Become the Ultimate ‘Kaspa Killer’ with Its $115M Seed Round...

Canary Capital Files for a Spot Solana ETF in the U.S.

China Sets Legal Precedent in $111M Crypto Money Laundering Bust

Binance Labs’ Latest Investment: What is Moonwalk Fitness?

Join our free newsletter for daily crypto updates!