As US President Donald Trump's inauguration day unfolds, the crypto market continues to show positive trends. Despite the overall market growth, Ethereum faces challenges in maintaining the bull trend.
Trump's Inauguration and the Crypto Market
With Trump's inauguration, the largest cryptocurrency, Bitcoin, attempted to break the $105K mark and is currently trading at the $103K level. The event has also spurred interest in memecoins related to Trump and his wife Melania.
Current Dynamics of Ethereum
Ethereum shows a 4% rise in the last 24 hours, struggling to fuel the bull market. In the afternoon of January 19, ETH traded at $3,259, gradually rising to $3,398 according to CMC data. Its weekly chart shows a 6.62% gain, yet the token has repeatedly tested the $3,500 level.
Technical Analysis and Prospects
Analysis of technical indicators reveals the MACD signal line crossing over the line, with a bull power value of 1.89. Conversely, the bear power indicator stands at -2.81. If Ethereum maintains the modest positive momentum, it might surpass the bearish control with resistance levels at $3,575.82 and $3,672.04.
Ethereum shows moderate growth, but the market remains under bearish influence. Whether the positive trends will be sustainable enough to break key resistance levels remains to be seen.
