Originally published on: November 12, 2024
Excitement over a pro-crypto environment in the US after Trump’s win has sent Ethereum’s price surging by over 37% in the past week, reaching highs not seen since July. Currently trading at $3,392, Ether’s rally seems unstoppable, driven by increased interest in spot Ethereum ETFs and bullish onchain metrics.
The surge in Ether’s price was accompanied by a spike in open long positions in the futures market, with total open interest hitting an all-time high of 13.2 million ETH, signaling strong market engagement. Data from CryptoQuant shows a significant uptick in onchain activity, with daily active addresses on the Ethereum blockchain rising by 26% in recent days.
Increased demand for ETH is also reflected in the rising number of Ethereum DApps’ active addresses, marking an 8% increase over the past week. This, coupled with soaring DeFi metrics like total value locked and NFT volume, suggests a bright future for Ethereum.
Moreover, spot ETH ETF flows have turned positive post-Trump’s victory, recording their biggest day of inflows since their launch, exceeding $295 million. Institutions are showing growing interest in Ethereum investment products, with inflows totaling $157 million in the week ending Nov. 8.
This uptrend in institutional demand could be the catalyst that propels Ethereum’s price to surpass $4,000 in the near future. With the network experiencing sustained growth and positive sentiment, Ethereum seems poised for a significant rally.
Keep up with our Markets Outlook newsletter for more insights, investment opportunities, and trading strategies every Monday. Subscribe now to stay ahead of the game and make informed decisions. Remember, all investment moves involve risk, so do your research before diving in.
