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The crypto market has experienced a significant uptrend over the past few hours. With Donald Trump winning the U.S. election 2024, the Bitcoin price has achieved a new ATH above the $75k level. Following this, the Ethereum price has surpassed the $2.6k range.
With a crypto-friendly future in the world’s largest economy and the BTC price achieving a new high, is the Ethereum token next to achieve the target? In this article, we have covered the possible short-term analysis of the 2nd largest cryptocurrency.
ETH Price Reclaims $2.6k Level!
Despite recording a drop of ~3% over the past week, the Ethereum price has jumped 7.96% in the past 24 hours with a trading volume of $36.13 billion. With this, it has reclaimed the $2.6k mark, indicating increased bullish sentiment in the market.
The Relative Strength Index (RSI) has recorded a sharp rise in the 1D time frame. With a bullish crossover in its average trendline, this altcoin may continue gaining value this week.
Furthermore, the MACD trend shows a constant decline in its red histogram with its averages hinting at a potential positive convergence in the Ethereum price chart. This highlights increased buying-over-selling pressure for it in the crypto space.
Is Ethereum Expected To Go Up Or Down?
If the bullish sentiment sustains, this could push the ETH coin price toward its important resistance level of $2,870. Maintaining the price above that level could set the stage for it to retest its upper resistance level of $3,272 in the coming time.
However, in case of a bearish reversal, the altcoin leader could drop toward its support of $2.5k. Furthermore, if the bears dominate the crypto space, the Ethereum coin could plunge toward its low of $2,200.
Wondering if the largest altcoin by market capitalization will achieve $5k this year? Read our Ethereum (ETH) Price Prediction article to explore the long-term possibilities!
FAQs
With the Fear and Greed index showcasing a 62 Greed, the ETH token is inclined toward the buy signal today.
At the time of writing, the value of 1 Ethereum token was $2,629.40.
With a potential altcoin market, this altcoin may record a potential high of ~$7,000.
