Ethereum price found support near $2,350 and started a fresh increase. ETH is rising and might aim for a move above the $2,580 resistance.

• Ethereum started a fresh surge above the $2,500 resistance zone.
• The price is trading above $2,500 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum if it settles above $2,580 and $2,620.

Ethereum Price Restarts Increase

Ethereum price found support near $2,350 and started a fresh increase like Bitcoin. ETH was able to climb above the $2,420 and $2,450 resistance levels to move into a positive zone.

It cleared the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low. Besides, there was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,500 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.

On the upside, the price seems to be facing hurdles near the $2,580 level. The first major resistance is near the $2,620 level. The main resistance is now forming near $2,650. A clear move above the $2,650 resistance might send the price toward the $2,720 resistance.

An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone.

Another Drop In ETH?

If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,500 zone.

A clear move below the $2,500 support might push the price toward $2,450. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,350.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,450

Major Resistance Level – $2,620

The US Presidential election is anticipated to have a substantial impact on global markets, with the cryptocurrency sector standing as no exception. Traders, analysts, and crypto enthusiasts worldwide closely monitor the US, where shifting attitudes toward digital assets make a difference.

In a recent report, on-chain analytics platform Santiment explored the connection between the most important US political event and crypto market movements. With results expected in days, here’s a look back at the crypto market reactions during the last two US presidential election cycles.

How Did US Elections Impact Crypto During Past Cycles

Analysts expect a close race in the 2024 US presidential election and predict a prolonged counting period. Given the tight competition, multiple days may pass after Election Day on Nov. 5 before the final results are confirmed and the next president is publicly announced.

In past elections, markets have reacted swiftly to presidential outcomes. Officials announced Joe Biden’s victory in 2020 four days after Election Day, triggering positive trends despite ongoing global economic turbulence from COVID-19.

While the election influenced market movements, some argue that a bull run was already on the horizon as the international community focused on economic recovery and pandemic response.

After Donald Trump’s 2016 victory, the crypto market saw a minor five-day retrace, with Bitcoin and altcoins dipping before quickly rebounding from the initial volatility. Cryptocurrency markets are famously volatile, and election cycles tend to amplify this effect.

In 2020, Joe Biden’s win fueled optimism for stimulus-driven policies and potentially more lenient monetary practices, leading to a surge in crypto prices. The brief dip and swift recovery in 2016, contrasted with the post-election rally in 2020, highlight how political shifts can significantly impact market trends.

As a result, the announcement of Joe Biden’s victory in the 2020 election was far more positive for crypto, and markets reacted almost instantly after the news broke.

Read more: How Can Blockchain Be Used for Voting in 2024?

The 2024 election is expected to bring significant price fluctuations in crypto markets, driven by the incoming administration’s stance on regulation and policy. Both major presidential candidates have outlined their views on cryptocurrency, offering a glimpse into the potential direction of US digital asset policy in the years ahead.

Candidate Positions on Cryptocurrency: Trump vs. Harris

Donald Trump

Cryptocurrency enthusiasts widely view Trump’s proposals as more favorable due to his emphasis on industry-friendly policies and his family’s active involvement in digital assets. The crypto community has largely responded positively to his proposals, which many view as encouraging to market growth:

• National Bitcoin Reserve: Trump proposed creating a national bitcoin stockpile at the Bitcoin 2024 conference in July, aimed at establishing the US as a cryptocurrency frontrunner.
• Crypto-Friendly Regulatory Policies: Trump has pledged to create a presidential advisory council on cryptocurrency, aiming to develop clear, favorable regulations.
• SEC Leadership Overhaul: Trump has stated he would replace SEC Chair Gary Gensler, aiming for a regulatory shift he describes as more favorable to digital assets.
• Family Ventures in Crypto: Trump’s sons, Donald Trump Jr. and Eric Trump, recently launched World Liberty Financial, a cryptocurrency exchange, underscoring the family’s involvement in the industry.

Kamala Harris

Harris, though supportive, emphasizes consumer protection, which some in the crypto space interpret as less conducive to industry expansion:

• Support for Innovation in Digital Assets: Harris has voiced support for digital assets and AI, emphasizing the need to foster innovation while protecting consumers.
• Framework for Regulatory Clarity: Harris proposed a regulatory framework for digital assets in October 2024, focusing on investor protections and transparent guidelines.
• Blockchain’s Potential: Harris has acknowledged blockchain technology’s potential, calling for balanced regulations that support innovation without compromising consumer safety.
• Engagement with Industry Leaders: Harris has engaged in dialogue with cryptocurrency leaders throughout 2024, signaling her openness to digital innovations while maintaining regulatory standards.

These differing approaches have resulted in a significantly higher volume of mentions around Trump’s crypto discussions and policies compared to Harris’s, reflecting the community’s heightened interest in his approach.

On Polymarket, prediction rates show higher support for Trump over Harris among the crypto community, though Harris has recently closed the gap, making it a closer race.

Read more: How To Use Polymarket In The United States: Step-by-Step Guide

Regardless of who wins the 2024 election, the cryptocurrency sector anticipates continued growth and evolving regulatory frameworks as the new administration steps in. The crypto community will closely observe how the incoming administration navigates the rise of digital assets, balancing the drive for innovation with regulatory safeguards.

Asset manager VanEck has launched a new ETN based on PYTH, specifically for European buyers. The Pyth network, a decentralized oracle protocol, has earned praise from VanEck for its potential to transform the DeFi landscape.

This launch follows several similar crypto-focused ventures by VanEck in recent months.

VanEck Launches PYTH ETN

According to a recent press release, asset manager VanEck is listing a new exchange-traded note (ETN) based on PYTH today. The Pyth network is a decentralized oracle protocol that uses PYTH as a network token. PYTH’s value has risen slightly since this announcement, bucking a decline this month, but there has not been a substantial price jump.

This new ETN is one of several recent crypto project investments by VanEck. Earlier in October, the firm launched a $30 million venture fund aimed at crypto startups and, just last week, partnered with Kiln to offer Solana staking.

Read more: What Is a Blockchain Oracle? An Introductory Guide

VanEck publicly stated that Pyth’s technical potential inspired its latest ETN offering. Listed on Euronext Paris and Euronext Amsterdam, the ETN is now available to investors. Although distinct from an ETF, it shares some similarities: its value is tied to PYTH, and VanEck secures the ETN’s underlying assets in cold storage.

“Smart contracts… are gaining increasing significance in the financial world… and oracle networks play a crucial role in enabling [their] real-world use. With our Pyth ETN, investors have the opportunity to participate in the development of… Pyth Network, which has the potential to become a crucial part of DeFi application infrastructure,” VanEck Europe CEO Martijn Rozemuller said.

Read more: Crypto ETN vs. Crypto ETF: What Is the Difference?

However, it remains unclear whether “underlying assets” specifically refers to PYTH tokens. The ETN’s value is derived from the MarketVector Pyth Network VWAP Close Index, which in turn tracks PYTH’s value indirectly. This layered approach to value calculation may help explain why PYTH’s price has remained relatively stable since the announcement.

The press release also notes that the ETN is available across 15 European countries under the ticker VYPT, with a total expense ratio of 1.5%. VanEck cautions twice in its statement about the “risk of extreme volatility” associated with the product.