Ethereum Technical Analysis Update

Ethereum (ETH) surged to $4,100, a key resistance level last seen in March 2024. Breaking through this could propel ETH to $4,875, its 2021 high. The rally, fueled by positive sentiment surrounding the incoming pro-crypto administration, has seen ETH gain over 70% since November 4th.

However, caution is warranted. The $4,100 level may act as a ceiling, leading to a potential pullback near-term towards support levels at $3,550, $2,750, and ultimately $2,375 if the new president does not deliver on his promises to crypto investors.

While the overall outlook for crypto appears bullish, investors should be wary of current high prices and consider buying on dips to key support levels rather than chasing the rally.