The forthcoming US election is anticipated to have a substantial influence on the cryptocurrency market, as evidenced by Ethereum (ETH), the second-largest cryptocurrency by market capitalization, experiencing a surge of over 5% in the last 24 hours.
This increase occurs in the midst of a rebound in the general crypto market, driven by Bitcoin’s 3.5% ascent to the $61,000 level. Jump Trading just moved 17,049 ETH, which is valued at over $46.44 million, indicating a probable intention to sell. Nevertheless, Ethereum’s upward movement persists, exhibiting a 12% increase in value during the previous week.
The daily chart of Ethereum indicates a possible bullish crossover and favorable momentum in the Chaikin Money Flow (CMF), implying that there may be additional price gains in the near future.
If Ethereum sustains its upward momentum and over the significant barrier at $2,800, it has the potential to have an immediate surge towards the $3,000 range, potentially propelling it to the $4,000 range.
If Ethereum is unable to maintain a position above the critical support level of $2,650, it might potentially receive immediate support around $2,500, and subsequently in the range of $2,300. If Ethereum falls below the $2,300 mark, it is likely to decline further and reach the $2,000 range once again.
