Ethereum experienced a sharp 21% spike after Donald Trump was elected President of the U.S., breaking through resistance at $2,800 and ending a prolonged 96-day consolidation period.
Ethereum: bullish setup from 2023
In 2023, Ethereum saw a downtrend in Q2 through Q4, followed by an accumulation phase. The breakout from this phase aligned with the breach of a descending trendline, indicating a reversal. The final bullish confirmation occurred after closing above the 50, 100, and 200-day EMA levels, resulting in a 129% rally by the end of Q1 2024, hitting $4,100.
Ethereum ETFs welcome $132M inflows
ETH's recent rally brought $132 million in positive ETF flows from Nov. 6 to Nov. 7, contrasting with a $63.2 million outflow on Nov. 4. In 2024, over 42.6% of ETH is locked in staking contracts, and exchange reserves are at record lows.
Future perspectives
If past trends repeat, ETH could range between $6,000 and $6,500 by Q1 2025. Influential figures like Henrique Centieiro suggest that current conditions of supply constraint and rising demand may spark a substantial rally.
Ethereum shows signs of recovery amid ETF flow changes and positive market sentiments, offering investors an optimistic outlook for the future.
