Ethereum is on the move! After a big jump following Donald Trump’s election win, it’s now aiming for a key resistance level at $2,750. Breaking through this barrier could be a game-changer for Ethereum, potentially pushing it towards a new high of $3,400.
Why $2,750 Matters
This resistance level has been holding Ethereum back since early August. It’s like a wall that needs to be broken down for the price to really take off. If Ethereum can clear this hurdle, it would signal a shift in market sentiment, with many investors expecting a strong rally to follow.
A Pro-Crypto Candidate?
Trump’s victory has boosted optimism in the crypto market, as many believe he’s a pro-crypto candidate. This positive sentiment, combined with a potential breakout above $2,750, could create a powerful force driving Ethereum higher.
Technical Analysis: The $3,400 Target
A top crypto analyst, Inmortal, has predicted that if Ethereum breaks through $2,750, it could surge to $3,400. He believes that despite Ethereum’s recent underperformance, it’s a coin worth watching closely. A breakout could change the game for Ethereum’s price action and investor sentiment.
The 200-Day EMA: A Key Indicator
The $2,750 resistance level also coincides with the 200-day exponential moving average (EMA), a significant indicator of long-term strength. If Ethereum can break above this level and hold, it would confirm a shift towards bullish momentum.
What Happens If It Fails?
If Ethereum fails to break through $2,750, it could face further consolidation or even a retracement back to lower levels. The next few days will be crucial for determining Ethereum’s next move.
The Bottom Line
Ethereum is at a critical juncture. Breaking through the $2,750 resistance could trigger a strong rally towards $3,400. However, failure to break through could lead to further consolidation or a retracement. The crypto community is watching closely to see which way Ethereum will go.
