Ethereum Price Analysis: ETH May Start Its Upward Movement Soon as the US Elections Near

Highlights:

• Ethereum price has surged almost 1% today to trade at $2,464 as trading volume soars.
• The ETH price may start its upward movement soon as the US elections are near.
• Analysts predict that if the ETH price stays above the $3,261 mark, it could set up 2025 for gains.

The ETH price is in focus today, as it has surged almost 1% to trade at $2,464 during the European trading sessions. Its 24-hour trading volume has notably spiked 21% to $14.87 billion, showing increased interest in the token. Despite the spike, ETH is down 2% in a week; however, it has increased 2% in a month and 34% in a year. 

Meanwhile, this week the crypto market may experience very high volatility as the US elections are set to take place on November 5, an event expected to shape the future of the crypto sector globally. Moreover, on November 6, the interest rate decision from the US Fed is likely to be known. 

On the other hand, Investing Haven, a crypto analyst, has taken to the X platform noting that Ethereum’s price is holding firm at its 38.2% Fibonacci level, signalling strong support. He has added that if the Ethereum Price stays above $3,261 could set up 2025 for gains.

$ETH Showing Strong Support

Ethereum's price is holding firm at its 38.2% Fibonacci level, signaling strong support.

October’s price action aligns with our bullish 2025 forecast, adding confidence in #ETH’s path forward.

Staying above $3,261 could set up 2025 for gains. https://t.co/xVxfwWjrLI pic.twitter.com/GJwSqdm4DE

— InvestingHaven (@InvestingHaven) November 4, 2024

Ethereum Statistical Data

Based on CoinmarketCap data:

• ETH price now – $2,464
• Trading volume (24h) – $14.87 billion
• Market cap – $296.78 billion
• Total supply – 120.42 million
• Circulating supply – 120.42million 
• ETH ranking – #2

The Ethereum Price is showing some bearish sentiment after facing strong rejection at $2,720 on October 30. The bears stepped in the marketer, entirely taking the reigns, painting the market bearish. However, the bulls have established support at $2,414, cushioning against further downside. 

ETH Price Enters Into a Consolidation Phase

ETH has rebounded from the support zone around 2,414.40, showing signs of potential upward movement, as it currently sits at $2,471. A sustained rise could push ETH towards the resistance at 2,520.57, with a bullish outlook targeting further gains beyond this level. Meanwhile, the bears have established technical barriers at $2,520 and $2,541, coinciding with the 50-day and 200-day SMAs, posing a challenge for the bulls. The bulls must bring down these levels in order to resume a strong upward movement.

Moreover, the Relative Strength Index (RSI) is at 42.75 below the 50-mean level, tilting the odds in favour of the sellers. However, increased buying pressure will see the RSI hurtle above the 50-mean level, invalidating the bearish bias. 

On the other hand, the Moving Average Convergence Divergence (MACD) introduces a bullish outlook. This calls for traders to hold their long positions in ETH intact, as the MACD line has crossed above the orange signal line, validating a buy signal. As the momentum indicator hurtles towards the positive area above the neutral zone (0.000), the path with the least resistance stays on the upside.

Ethereum Price Prediction

Based on the technical information, there are mixed reactions as both bears engage in a tug-of-war, forcing the ETH price into a consolidation phase. However, if the buyers capitalize on the MACD, which calls for traders to rally behind ETH, the token will surge. If a strong tailwind builds behind ETH, it could reclaim the $2,520 mark, targeting $2,541 or above to $2,700 in the near term.

On the downside, if the bears step into the market and capitalize on the RSI and moving averages which show some bearish prospects, the price will fall. In such a scenario, the ETH price may retest the $2,414 support level.