Bull Market or Bull Trap: Ethereum Surges, Here Are The Levels

Ethereum surged in the last week, jumping 29%. This rally was triggered by the re-election of Donald Trump and his dovish bias to cryptocurrency. Last week's resistance of $2,765 was taken out with Ethereum now trading above $3,000.

Based on technical analysis, the $2,765 level now becomes support. The next resistance is a parallel channel that connects the highs and lows since August. The top trend line of the parallel will cause Ethereum to slam into resistance at $3,100.

If $3,100 can break, $3,700 would be next. On the downside, if support at $2,765 fails to hold, Ethereum could revisit the bottom of the parallel at $2,400.

In summary, this was an amazing week for crypto. Resistance on Ethereum was taken out but it now approaches a new test level at $3,100.