Ethereum Struggles To Surpass $3.5K Resistance Amid Bull Market

• Ethereum has factored in a modest price increase of 4.00% in the last 24 hours. 
• The altcoin’s daily trading volume shows a 113.21% surge as per CMC data.

As US President Donald Trump’s inauguration day dawns, the crypto market has gone full bullish. Over the weekend, the largest cryptocurrency, Bitcoin, tested the $105K level and is currently trading at the $103K level. Due to Trump’s inauguration, memecoins surrounding the President and his wife Melania are trending in the market. 

Meanwhile, within the altcoin sector, Ethereum has continued to show resistance struggles and failed to fuel the bull market. While other altcoins, including XRP and Solana, have progressed upwards, ETH has shown stagnation over the past day. 

In the last 24 hours, Ethereum’s chart shows a modest surge of 4.00% owing to mainly the past hour’s bullish movement. However, in the afternoon hours of January 19, the altcoin was trading at a low of $3,259. Following this, it slowly progressed to a momentary $3.4K level. At the time of writing, ETH was trading at $3,398 as per CMC data. 

Zooming out onto both its weekly and monthly charts depicts the struggle to break the $3,500 level. Its price chart over the past seven days shows an increase of 6.62%, and the token has tested the $3.5K level several times. Ethereum also presents similar price actions over the past month.  

Will Ethereum Recover From Bearish Control?  

Analyzing the current movements of technical indicators, the Moving Average Convergence Divergence (MACD) signal line has just crossed over the MACD line. On the other hand, the bull power indicator’s value is 1.89 as per TradingView data. However, its bear power indicator’s value is -2.81 showing the bearish control. 

However, as indicated by its MACD signal line, if Ethereum sustains the modest positive momentum it’s presently experiencing, it might overpower the bears. In such a case of breaking its $3.5K resistance, the next resistance levels for ETH lie at $3,575.82 and $3,672.04. 

Meanwhile, as aforementioned, altcoins such as XRP and Trump’s memecoin TRUMP have witnessed significant surges. 

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