Ethereum (ETH) is trading around a distinct support step of $2,450, following a pullback of 11% from recent highs. Investors are growing worried that this is destined to go lower and that a loss of this level may spur more selling.
Top analyst Ali Martinez is bullish on Ethereum, citing a favorable risk-to-reward ratio on its chart he sees as a prime entry point. If Ethereum holds this support it could technically rise, according to Martinez’s technical analysis, reaching a high of $6,000 — a 145% climb from the current level. In his opinion,
Ethereum Awaits U.S. Election for Potential Rally
Ethereum stands in good shape with an upside potential and advises to keep some downside risk at a stop loss below $1,880. As analysts continue to watch market sentiment after the upcoming U.S. elections, analysts believe that the U.S. elections direction could certainly be pivotal to how the trajectory of the Ethereum network will unfold.
A bullish outcome for ETH could also spark a rally that will see the platform reap benefits. n order for ETH to turn bullish, the 200-day exponential moving average (EMA) at $2,762 will need to act as support and break above the resistance at around $2,762, which has been resisting since August.
If this EMA is broken though and it forms a new support, then a change to a stronger bullish outlook may occur. If ETH fails to rebuild the EMA, it will continue to see downside pressure to other support levels. ETH is consolidating around $2,450, and the crypto community is eager to move past the area, either confirming Martinez’s bullish hopes or confirming bearish fears.
Ethereum’s major weeks are coming in the following few days, where investors will keenly watch it to hold its key supports and has the chance to create a momentum for a new rally.
