Let's talk about Ethereum ETH. Since the beginning of this year, the market for Ethereum has not been very optimistic. For a long time, it has been in a state of continuous decline, even experiencing six consecutive trading days of decline, which has greatly affected market sentiment.
However, the recent U.S. election has entered a heated stage, which has brought significant changes to the price of Ethereum. Just yesterday, Ethereum rose by 1%, which is relatively small, while today its increase is close to 6%, with the current quote around 2578 USD, an increase of more than 5%.
At this time, everyone may be concerned about whether there is still hope for Ethereum to continue rising. This needs to be viewed from multiple factors. From the perspective of external factors such as the U.S. election, if Trump is elected, there is a high possibility that the price of Ethereum will rise. The reasons for this are quite complex, possibly because the policy direction after Trump's election will affect the overall economic environment and market sentiment, and this influence will indirectly transmit to the cryptocurrency market, thus stimulating the demand and price increase of Ethereum.
But from the perspective of Ethereum's own technical analysis, the situation is not so simple. Currently, Ethereum is still in a relatively weak state, with a key resistance point above it, which is 2563 USD. This point is very critical. If the price of Ethereum can successfully break through 2563 USD and stabilize above this price in subsequent trading, it indicates that the bullish forces in the market have gained an advantage. At this point, the long positions held can continue to be maintained, as this may mean a reversal of the market trend, and a wave of rising market conditions may follow.
However, if the price of Ethereum cannot break through the resistance point of 2563 USD, from my analysis, the strength of the short positions may still be slightly stronger. Why do I say this? This is because from the perspective of weekly technical indicators, the middle band of the Bollinger Bands is an important reference. Currently, the price of Ethereum has not broken through the middle band of the weekly Bollinger Bands, and the current quote is less than 200 USD away from it. The middle band of the Bollinger Bands can reflect the medium-term trend of the market to some extent. If the price cannot break through the middle band, it means that the medium-term trend of the market is still downward or in a consolidation state. In this case, even if the price rises in the short term due to factors such as the U.S. election, if it cannot break through the middle band of the weekly Bollinger Bands, then after a period of increase, the price may face the pressure of correction or continued decline.
Therefore, in summary, the subsequent price trend of Ethereum is closely related to the results of the U.S. election, and everyone needs to pay close attention to this situation to further judge the trend of Ethereum.
