Once we wrote final week’s outlook, we hadn’t seen the election outcomes or heard from the Federal Reserve but. These occasions really feel like they occurred a month in the past, however right here we’re a couple of days later with the S&P 500, Nasdaq, Bitcoin, and different markets having loads of momentum. However what about Ethereum? Right here’s the setup, notes Bret Kenwell, US funding analyst at eToro.
We’ve talked about Bitcoin rather a lot (and that’s not stunning with it at all-time highs). ETH surged larger initially of the 12 months, briefly clearing the $4,000 mark earlier than falling down towards $2,200.
If you happen to discover on the chart, the $2,750 space was important. First it served as help till the summer season, earlier than it finally failed after which become resistance.
Chart as of 8:00 am Japanese on Nov. 11, 2024. Supply: eToro ProCharts, courtesy of TradingView.
Now Ethereum is again above this key mark and it has even regained $3,000. If ETH can keep above $2,750, the bullish momentum may proceed. Nonetheless, if Ethereum drops again beneath that mark, a retest of the 200-week shifting common — which has been key help this 12 months — could possibly be retested.
