Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has shown signs of recovery after recently testing the $3,100 support level.
Analysts are optimistic about its potential performance in 2025, especially considering historical trends that suggest bullish momentum in the months following U.S. elections.
Despite challenges in maintaining the $4,000 level as a support zone, Ethereum has made attempts to reclaim this price point.
Currently, ETH is trading within a range of $3,200 to $3,550 and is working to reclaim the $3,500 support level, which could signal a shift in momentum.
Analysts are closely monitoring Ethereum's price action, particularly the support and resistance levels.
The next significant support zone is between $3,032 and $3,132, while a resistance wall exists between $3,640 and $3,740.
Ethereum's ability to sustain a close outside this "no-trade zone" will be crucial in determining its trend direction.
Some analysts are drawing parallels between Ethereum's current performance and its historical price action following previous U.S. elections, suggesting the potential for substantial gains.
Ethereum is currently trading at approximately $3,501, reflecting a 6.3% increase in the past 24 hours.
The cryptocurrency's ability to maintain this upward momentum will be closely watched by investors and analysts as they assess the broader implications for the crypto market in 2025 and beyond.