Ethereum (ETH) is the second largest cryptocurrency by global market capitalization, and after breaking through a strong resistance level, it is now expected to see a significant upward rebound. This key breakthrough occurred shortly after the election results were announced, with Donald Trump defeating Kamala Harris.
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Why is the ETH price rising?
After Trump's election, the cryptocurrency market saw a significant rally, with Ethereum (ETH) also breaking through its consolidation range and strong resistance level. Over the past two days, ETH has risen by over 20%.
Ethereum (ETH) Technical Analysis and Upcoming Levels
ETH looks bullish and is currently expected to gain 23% upward momentum, reaching a level of $3,340 in the coming days. This breakout is not a normal breakout, but a breakthrough of the long-term downtrend line that ETH has faced since May 2024, as well as the long-term consolidation that ETH has experienced over the past three months.
With this breakout, it has entered an uptrend, as its trading price is currently above the 200-day Exponential Moving Average (EMA) on the daily time frame.
The bullish case for ETH will only hold if the asset maintains above $2,880, otherwise it may fail.
On-chain Indicators Bullish
On-chain indicators further support the positive outlook for ETH. According to data from on-chain analytics firm IntoTheBlock, ETH's large transaction volume has surged by 50%, indicating high participation from whales and institutions amid the bullish market sentiment.
Furthermore, this significant transaction volume is a bullish signal for ETH holders, as it suggests that bullish participation has already begun.
Additionally, ETH's open interest has jumped 11% in the past 24 hours and has been steadily increasing. The increase in open interest indicates a rise in trader interest, and the open positions have increased compared to a few days ago.
Due to the significant increase in participation and interest, ETH has risen over 3.92% in the past 24 hours, currently trading at $2,927. During the same period, its trading volume has decreased by 10%, indicating a decline in retail participation.
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