Following former president Trump’s 2024 election victory, the cryptocurrency market has experienced a surge in optimism and buying interest.

Ethereum was no exception, with its price spiking by 10% at one point, reaching the critical resistance level of $2.5K. A sustained break above this threshold could further fuel bullish momentum.

Technical Analysis

By Shayan

The Daily Chart

On the daily chart, Ethereum saw heightened buying activity near the $2.3K support, which coincides with the middle boundary of the multi-month descending channel. This buying pressure drove the asset back toward the 100-day moving average, aligning with the $2.5K resistance zone. This region has seen the presence of sellers in the past, suggesting it is a significant barrier to ETH’s upward movement.

However, if buying pressure continues, Ethereum could potentially break this resistance, leading to a short-squeeze and a continuation of the uptrend. In this bullish scenario, the 200-day MA at $2.8K, aligning with the channel’s upper boundary, would become the next target for buyers.

The 4-Hour Chart

The 4-hour chart highlights the initial surge from $2.3K, a support zone that marked the lower boundary of a descending flag pattern. The concentrated buying pressure at this level has pushed Ethereum to approach a decisive resistance between $2.6K and $2.8K, defined by the 0.5 to 0.618 Fibonacci levels.

This zone represents a substantial supply area and may lead to a short-term consolidation phase as ETH buyers contend with selling pressure.

For Ethereum to mark a confirmed bullish trend, it would need a breakout above this resistance zone with strong volume, which could open the path toward a prolonged uptrend. In the meantime, price action around this resistance level will be pivotal, as it will determine whether Ethereum can build upon its current momentum or faces a temporary pause in its bullish rally.

Onchain Analysis

By Shayan

Ethereum’s recent surge toward the $2.5K resistance region has sparked optimism among investors, many of whom anticipate the beginning of a new bullish rally. Key indicators from the futu