Ethereum's native token, ETH, has climbed 7.51% over the past few days, reaching an intraday high of $3,421 on January 24. The rally follows ETH’s recovery above its 100-day Simple Moving Average (SMA) after briefly dipping below it last week, signaling renewed bullish momentum.Factors Driving Ethereum's Price IncreaseMarket-Wide Recovery and Positive SentimentETH's recent price movement aligns with broader crypto market gains, fueled by optimism following U.S. President Donald Trump’s pro-crypto executive order issued on January 23.Bitcoin (BTC) surpassed $105,000, while other major altcoins like XRP and Solana also recorded gains of 1% and 6%, respectively.The total crypto market cap increased by 3%, currently standing at $3.63 trillion, reflecting growing investor confidence.Trump Administration’s Pro-Crypto StanceThe executive order aims to strengthen U.S. leadership in digital financial technology, establish a national digital asset stockpile, and revoke the controversial SAB 121 accounting rule, which previously discouraged financial institutions from holding crypto.Market participants view these developments as a turning point for the U.S. crypto industry, contributing to Ethereum’s bullish sentiment.Ethereum ETF InflowsRecent inflows into U.S.-based spot Ethereum ETFs have added further bullish momentum. Over the past two weeks, Ethereum ETFs attracted $396.5 million, with BlackRock's ETHA fund leading the charge with inflows totaling $287.7 million.These positive inflows signal increasing institutional interest and confidence in Ethereum’s long-term potential.Technical Analysis: Key Levels to WatchSupport Zones: ETH is currently trading above a crucial $3,200 - $3,390 support range, where over 4 million ETH were previously acquired by investors. Holding above this zone could strengthen bullish momentum.Resistance Levels: Analysts suggest ETH could break key resistance at $3,502 (50-day SMA) and test the December 2024 high of $4,109, with further upside targets of $4,840 and potentially $7,000 in Q1 2025.Downside Risks: If selling pressure increases, ETH might retest the 100-day SMA at $3,260, followed by psychological support at $3,000 and the 200-day SMA at $2,986.Ethereum’s Outlook for 2025Market analysts anticipate that Ethereum’s price trajectory will continue to be influenced by:The Trump administration's regulatory stance,Increased institutional adoption, andFundamental growth within the Ethereum ecosystem, particularly in decentralized finance (DeFi) and staking, according to Cointelegraph.
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