Originally published on: November 08, 2024
Ether has seen a remarkable three-day surge in 2024, soaring by 21% after the announcement of President-elect Donald Trump’s victory in the US presidential election. This rally propelled the altcoin above the $2,800 resistance level, shattering a consolidation range that lasted for 96 days.
Analysts are now predicting a new bullish trend for Ethereum, as historical data from 2023 suggests a strong buy signal. In 2023, Ethereum experienced a downtrend followed by an accumulation phase before breaking out and reversing its trend.
Echoing this historical pattern, Ether has now broken through its resistance trendline, surpassing key EMA levels, and signaling a potential rally to $6,000 – $6,500 by Q1 2025.
Despite lagging behind Bitcoin in institutional interest, Ether’s recent rally has reignited smart money’s attention, with a significant positive inflow observed in Ethereum ETFs between November 6 and November 7.
Moreover, venture capitalist Henrique Centieiro has highlighted that Ethereum is moving into “scarcity mode” due to a combination of supply constraints and increasing demand, paving the way for a substantial price surge.
With a large percentage of ETH locked in staking contracts and exchange reserves hitting all-time lows, investors are poised to reap dividends from Ether in the long run.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers are advised to conduct their own research before making any investment decisions.
