Ethereum’s 11th anniversary coincides with U.S. election and impending breakout
Ethereum faces symmetrical triangle support test amid U.S. election uncertainty
Today marks 11 years since Vitalik Buterin first shared the Ethereum white paper, introducing the concept of self-executing smart contracts. Since then, Ethereum has evolved into a foundational layer for decentralized finance (DeFi) and countless other innovations. As Ethereum celebrates this milestone, it finds itself at a critical juncture, not just in terms of its impact on the blockchain industry, but also in the significance of today's U.S. presidential election.
Historically, major macro events like this have stirred market volatility, and Ethereum may not be an exception. Traders and investors are eyeing the results closely, wondering if a political shift could impact risk assets, including cryptocurrencies. A change in sentiment could either catalyze a rebound or exacerbate the current bearish trend.
Ether price analysis and symmetrical triangle at play
Ethereum has been under pressure, falling from $2,720 last week to its current level of $2,430. It’s now sitting on the support trendline of a symmetrical triangle pattern that’s been forming since August, bound by resistance at $2,800 and support at $2,200. A breakdown from here could see Ethereum testing the $2,200 support zone, a crucial level that may act as a safety net. But if this level doesn’t hold, expect further downside.
Conversely, the bullish case remains viable. A U.S. election-driven change in market sentiment could spark a rebound. Should Ethereum bounce off the trendline support and push past $2,700, it could trigger a breakout above $2,800. This would signal a potential shift from bearish to bullish momentum, opening the door for further gains.
Ethereum risks a long squeeze if the $2,400 support breaks. Liquidity data shows considerable positioning at just under $2400
