Technical Analysis 
November 8, 2024 
2 min. 
Ether (ETH), the second-largest cryptocurrency by market cap, has broken through a significant price resistance and is now trading above $2,800 per coin.
This breakout was accompanied by a general increase in trading volume, as shown in the chart below.
Since early August, Ether’s price had been stuck in a sideways trading range. However, recent events have triggered a widespread rally across the cryptocurrency market, contributing to increased volatility for Ether.
To confirm this breakout, it’s crucial that both daily and weekly candles close above this resistance level. Additionally, an increase in volume is viewed as a positive signal for the days and weeks ahead.
Speculative Factors
The U.S. election has stirred financial markets across the board. Donald Trump’s victory is seen as a positive for the crypto market, given his outspoken support for the sector in recent years.
The new administration is expected to bring more regulatory clarity to the market. One of Trump’s campaign promises is to remove Gary Gensler from the SEC, the agency responsible for regulating the U.S. securities market.
Moreover, several Ether ETFs have been approved for trading in the United States over the past few months. Although these haven’t yet matched the success of Bitcoin funds, Ether ETFs are vital instruments for the future of the blockchain network.
Ethereum also remains the leading network for asset tokenization—a sector experiencing exponential growth in recent years. Even Larry Fink, CEO of BlackRock, has remarked that tokenization is “the next big step for financial markets.
