Ethereum surged more than 8% following Donald Trump’s election victory, sparking modern optimism among investors. Despite this rally, ETH is still below a key resistance level, keeping the price under control since early August.

This resistance, which is a critical barrier, must be removed for Ethereum to fully regain its bullish momentum. Analysts are watching closely, and leading cryptocurrency expert Inmortal shares the latest technical analysis that suggests Ethereum may be preparing for a significant breakout.

According to Inmortal’s analysis, ETH appears to be building strength, and a break above this resistance could unlock the potential for sustained growth. The market reaction to Trump’s victory, especially when he is perceived as a pro-crypto candidate, has improved sentiment, with many now predicting increased volatility and a rally in Ethereum.

Investors are now watching 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 a pivotal moment for ETH’s performance this cycle.

Key Etherum supply

Ethereum is pushing to break the critical resistance at $2,750, a level that has kept ETH under pressure since early August. This resistance was a mighty barrier; breaking above this level is vital to confirm sustainable growth.

Immortal’s best cryptocurrency analyst and investor recently shared detailed technical analysis on Xin which he outlined a $3,400 price target for ETH if it successfully overcomes this key resistance.

In its analysis, Inmortal highlighted that Ethereum, often called the “most hated coin” in the current market, is worth paying close attention to despite its recent indigent 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 crucial as the market analyzes the effects of Donald Trump’s election victory and prepares for the Federal Reserve’s interest rate decision on Thursday. Trump’s victory has already created bullish momentum in the cryptocurrency market, and Ethereum’s breakout could capitalize on this change in sentiment. However, volatility could remain high and any unexpected news from the Fed could impact ETH’s trajectory.

If ETH holds above $2,750 and continues to climb higher, Inmortal’s $3,400 target could be within reach, signaling a mighty recovery phase for Ethereum. For now, the crypto community will be watching closely as this breakout level could potentially determine Ethereum’s performance in the coming months.

ETH technical analysis

Ethereum is trading at $2,620 after a solid 12% gain from recent lows of $2,355. This price movement has given bulls hope that a rally may be on the horizon. However, ETH must break above the key resistance level at $2,750 for the bullish momentum to continue and price action to resume.

This level coincides with the 200-day exponential moving average (EMA), a key 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 seen as a significant support level when price continues above it. If Ethereum manages to close above this level and maintain its price, it could trigger a further move higher. On the other hand, if Ethereum fails to break above $2,750 and struggles to sustain, it will represent a failed breakout.

In this case, ETH could face further consolidation or a return to lower demand levels, likely around $2,500 or even lower. Bulls need to remain vigilant as the coming days will be critical to confirm Ethereum’s next move.

Featured image from Dall-E, chart from TradingView