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.
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.
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!
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.
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