Ether Price Rally in 2024 Follows Trump’s Election Win
After President-elect Donald Trump was declared the victor of the US presidential election, Ether saw its biggest three-day return of 2024, rising 21%. The altcoin also broke a 96-day trend bottom consolidation zone as the rally lifted it beyond its overhead barrier of $2,800. Based on a historical setting in 2023, Ether has flashed a strong buy signal as the cryptocurrency world waits for a new upward leg.
Ethereum’s Bullish Pattern Suggests Major Upside Potential to $6,500 by Q1 2025
Between Q2 and Q4, Ethereum saw a decline in 2023. From Q3 to the start of Q4, it experienced an accumulation range (seen by the green box on the chart). ETH showed a trend reversal after breaking out of the accumulating range and breaking above its descending resistance trendline. The altcoin’s cumulative daily close above the 50-day, 100-day, and 200-day EMA levels completed the last bullish confirmation. After these convergences, Ethereum experienced a 129% increase by the end of the first quarter of 2024, hitting an annual high of $4,100.
Ether has now displayed the precise bullish configuration. According to the graphic below, the altcoin experienced a protracted accumulation phase in Q3 and a comparable decline between Q2 and Q4. Every bullish confluence from 2023 has occurred again in the last several days. To achieve a daily close above the 50, 100, and 200-day EMA levels, ETH surged out of its longer-term accumulation zone and broke above the falling trendline. By Q1 2025, Ethereum might be worth between $6,000 and $6,500 if the price activity repeats again.
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