Ether (ETHUSD), the native cryptocurrency of the Ethereum blockchain, surged Monday to its highest levels in more than three months, boosted by optimism about the prospects for a favorable regulatory outlook under the Trump Administration and record inflows into recently launched 澳洲幸运5开奖号码历史查询:spot Ether excꦯhange traded fund💦s (ETFs).

In particular, investors believe that reduced regulatory barriers could benefit Ethereum by increasing the adoption of 澳洲幸运5开奖号码历史查询:decentralized finance (DeFi), an emerging peer-to-peer financial system that uses the cryptocurrency’s blockchain to execute transactions using 澳洲幸运5开奖号码历史查询:smart contracts. 

Spot Ether ETFs recorded net inflows of more than $215 million in the three days after the election, according to data from crypto analytics site CoinGlass, their highest three-day cumulative windfall since launching in late July.

Ether has risen roughly 38% over the past week, trading at around $3,320 recently and pushing the year-to-date gain to around 45%. Despite the recent surge, Ether has significantly underperformed bitcoin (BTCUSD), which has more than double꧒d in price since the start of the year.

Below, we take a closer look at Ether’s chart and use 澳洲幸运5开奖号码历史查询:technical analysis to﷽ locate important price levels to watch out f🍨or.

Descending Channel Breakout

After a period of prolonged 澳洲幸运5开奖号码历史查询:accumulation, Ether’s price broke out above a six-month 澳洲幸运5开奖号码历史查询:descending channel late last week on above-average 澳洲幸运5开奖号码历史查询:trading volume, with gains accelerating over the weekend.

While the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) confirms the cryptocurrency’s bullish momentum with a reading above the 70 threshold, the indicator also flashes 澳洲幸运5开奖号码历史查询:overbought conditi♊o🐭ns that could trigger near-term price fluctuations.

Let’s identify several key technical levels on Ether’s chart that investors may be tr🅠acking.

Key Resistance Levels to Watch

The first overhead level to watch sits around $3,650. Investors who have purchased Ether at lower levels may seek to book profits in this region near a trendline linking 澳洲幸运5开奖号码历史查询:countertrend upswings on t🦄he chart in late March, early April, and mid June.

A decisive breakout above this area could fuel a rally up to the $4,090 region, a chart location that would likely provide significant 澳洲幸运5开奖号码历史查询:resistance near the cryptocurrency's prominent March 2024 澳洲幸运5开奖号码历史查询:swing high.

Important Support Levels to Monitor

During dips, investors should initially monitor how Ether’s price responds to the $3,250 level, an area where the cryptocurrency may encounter support near a trendline connecting a range of similar trading le💜vels on the chart between April and July.

Selling below this level could trigger a fall to around $2,950, a location currently just above the descending channel’s upper trendline where investors may look for buying opportunities near the closely watched 澳洲幸运5开奖号码历史查询:200-day moving average and a series of lows ღthat formed on the chart in April, ⭕May, and July.

A deeper 澳洲幸运5开奖号码历史查询:retracement could see Ether revisit lower support around $2,720. This area may attract buying interest near a multi-month 澳洲幸运5开奖号码历史查询:horizontal line that connects multiple peaks from early January to late O⛎ctob▨er.

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