Watch These Ether Price Levels After Cryptocurrency Surges to 3-Month High | Global News Avenue

Ethereum (Ethereum USD), native cryptocurrency Ethereum Blockchain surged to its highest level in more than three months on Monday, driven by an optimistic regulatory outlook under the Trump administration and record inflows from recent launches Spot Ethereum Exchange Traded Funds (ETFs).

In particular, investors believe that reducing regulatory barriers could benefit Ethereum by increasing its adoption. Decentralized Finance (DeFi)an emerging peer-to-peer financial system that uses cryptocurrency’s blockchain to execute transactions smart contract.

Spot Ethereum ETFs saw net inflows of more than $215 million in the three days following the election, according to data from a cryptocurrency analytics website coin glassIt was the highest three-day cumulative windfall since its launch in late July.

Ethereum has gained around 38% over the past week, most recently trading around $3,320, and pushing year-to-date gains to around 45%. Despite its recent price surge, Ethereum continues to significantly underperform Bitcoin (Bitcoin USD), its price has more than doubled since the beginning of the year.

Below, we take a closer look at Ethereum’s diagrams and usage technical analysis Identify important price levels to watch.

Downtrend Channel Breakout

after a long period of time accumulationEthereum price breaks through six months Descending channel Above average late last week trading volumethe rise accelerated over the weekend.

Although Relative Strength Index (RSI) Readings above the 70 threshold confirm the bullish momentum for the cryptocurrency and the indicator also flashes overbought A situation that may trigger recent price fluctuations.

Let’s identify a few key technical levels on the Ethereum chart that investors may be tracking.

Key resistance levels to watch

The first expense level to watch is around $3,650. Investors who purchased Ethereum at lower levels may seek to profit in this area close to the connecting trendline Contrary to the trend There were gains on the charts in late March, early April and mid-June.

A decisive break above this area could fuel a rally to the $4,090 area, a chart location that could provide significant support. resist Cryptocurrency’s Famous March 2024 Approaches high swing.

Important support levels to monitor

During the decline, investors should first monitor how Ethereum price responds to the $3,250 level, which is an area the cryptocurrency is likely to encounter support It is close to a trendline connecting a series of similar trading levels on the chart between April and July.

Selling below this level could trigger a drop to around $2,950, which is currently just above the descending channel’s upper trendline, and investors may look for buying opportunities near the closely watched price. 200-day moving average and a series of lows on the chart in April, May and July.

deeper retracement Ethereum is likely to retest lower support near $2,720. This area is likely to attract buying interest in recent months horizontal line Connecting multiple peaks from early January to late October.

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As of the date of this writing, the author did not own any of the securities mentioned.