Crypto Blog
The cryptocurrency market has seen a strong uptrend following President Trump’s election, with Ethereum experiencing a significant surge as buyers take control.
However, Ethereum is now approaching a crucial resistance region around $3.6K, a level with significant supply and potential profit-taking. Given the strength of this resistance, there’s a high likelihood of a temporary corrective phase to ease buying pressure, likely pulling back toward the 200-day MA to establish a more sustainable uptrend.The 4-hour chart reveals the intensity of the recent surge, which began at the bearish flag’s lower boundary near $2.4K.
The current technical setup suggests that Ethereum may pause its bullish momentum in the short term. A correction toward $3K would support a healthier continuation of the uptrend, giving the market time to recalibrate before attempting to break higher.Ethereum’s recent surge to a new yearly high has renewed optimism among market participants, with hopes that a new rally toward an all-time high may be underway.
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