Ethereum recently experienced a strong rally following the U.S. election, with prices rising to $3,446 before hitting resistance. This 20% gain in Ethereum price, fueled by favorable market sentiment, has since leveled off due to profit-taking activities. This selling pressure has held back further growth, bringing Ethereum to a support area of around $3,100. While the short-term trend remains positive, indicators point to a potential slowdown in the bullish trend.
Ethereum Price Stalls Below $4,000 Amid Profit-Taking and Whale Movements
Ethereum’s post-election price rally, which pushed the cryptocurrency to multi-month highs, has now slowed. Profit-taking among investors appears to have dampened the rally, pulling Ethereum price back to the $3,114 level, which currently acts as key support. For instance, in line with the profit-taking spree, Tron founder Justin Sun capitalized on the recent rally by depositing 19,000 ETH at the crypto exchange HTX.
Despite reaching a four-month hig
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