Ethereum, Sui, Tron Technical Analysis With Eyes Set on All Time High Breakouts

Ethereum (ETH) shows bullish price development after Donald Trump’s victory in the US presidential election. The price gained over 7% during the past 7 days, driven by investor expectations. Trump’s administration will adopt a favourable stance towards the crypto industry, potentially rolling back regulatory actions imposed by the previous administration. The renewed confidence in Ethereum is also supported by the potential for a clear regulatory framework to strengthen on-chain activity within the DeFi sector. If Ethereum breaks the $2,825 level, it could open the way to a new all-time high. Investor optimism is fueled by expected growth and adoption in the DeFi space.

On the other hand, Sui (SUI) faces different market dynamics. Sui has a market cap of $6.46 billion and a substantial circulating supply of 2.85 billion SUI. The token shows high volatility in 24-hour trading volume, which has dropped by over 43%, reflecting cautious investor sentiment. Sui is a promising player in the Layer 1 space, having broken its all-time highs and seeking further positive momentum.

Similarly, Tron (TRX) is nearing its record weekly closing levels, driven by positive momentum built in 2024. Tron has a solid market cap of $13.88 billion and a circulating supply of 86.43 billion TRX. Tron could break its record levels as the cryptocurrency market gains traction following the US election. A breakout above these levels might trigger parabolic moves. The 24-hour trading volume has decreased by 20%, indicating a short-term shift in investor focus. However, long-term patterns suggest that Tron is poised to move higher based on a bullish price pattern.

Ethereum (ETH) Technical Analysis

Ethereum Weekly Chart – Bullish Pennant

The weekly chart for Ethereum shows the formation of a bullish pennant from the November 2021 high to the 2024 lows. The price consolidates at the lower support of this bullish pennant during the U.S. election period, indicating a buildup of positive momentum for a potential upward surge. Donald Trump’s victory has pushed the price upward, resulting in bullish weekly and daily candles. A confirmed break above $2,825 could trigger a surge toward the key level of $3,759. A break above $3,759 may initiate a parabolic move in Ethereum.

The price challenges the 50 SMA on the weekly chart, indicating that a breakout at $2,825 will be significant for Ethereum. Additionally, the RSI is moving above the mid-level, highlighting strength in the Ethereum market.

Ethereum Daily Chart – Upward Breakout

The daily chart for Ethereum shows bullish momentum with a quick reversal from the support zone around $2,300. This consolidation attempts a breakout above the neckline at the $2,768 to $2,825 level, which is a bullish signal. The strong resistance for Ethereum on the daily chart is located at the 200 SMA, where the black trend line intersects at $2,940. A break above this level could propel Ethereum prices to $3,759.

Sui (SUI) Technical Analysis

Sui Weekly Chart – Breakout above Record Levels

The weekly chart for SUI shows that the price is trading near record levels and is poised for an upward breakout. The resistance at $1.91 has been broken, and the price is approaching the red-dotted trend line resistance at $2.50. This trend line, originating from May 2023, provides strong resistance. However, strong volatility may push prices above $2.50. A break above this level could send SUI prices into a parabolic rise.

Sui Daily Chart – Double Bottom

The daily chart for Sui shows a double bottom formation in the July and August time frames. The break above the neckline of this double bottom pattern at $1.01 has propelled the price to record levels. The 50 SMA is above the 200 SMA, and the price currently trades above both moving averages, indicating a strong bullish trend. Trump’s victory has initiated a strong surge in Sui, which could continue if the price breaks above $2.50.

Tron (TRX) Technical Analysis

Tron Weekly Chart – Inverted Head and Shoulder

The weekly chart for Tron shows a bullish technical formation with an inverted head and shoulders pattern. The first complex inverted head and shoulders appeared in 2020, resulting in a quick rally in 2021. Similarly, a second inverted head and shoulders formed in the last quarter of 2022 and the first quarter of 2023, initiating bullish momentum for Tron, with the price trending upward. The price is near the record weekly close at $0.2018, while the all-time high is $0.3505. A break above $0.2018 could trigger a parabolic move, potentially driving the price to new record levels.

Tron Daily Chart – 10-Month Ascending Channel

The 4-hour chart for Tron shows the price trending higher within a 10-month ascending channel. The recent correction to this channel’s lower support has set the stage for higher prices. Currently, the price is consolidating below the channel’s midline but holding above the red-dotted trend line. The channel boundaries lie between $0.14 and $0.20.