Originally published on: November 07, 2024
Ethereum’s native token, Ether, is making significant gains this week, marking its best performance since May. The surge in ETH price comes in the wake of Donald Trump’s win in the US Presidential Elections, with the cryptocurrency climbing by almost 16% week-to-date to around $2,880 on Nov. 7. Notably, ETH has seen a 10.40% increase in the last 24 hours alone, reflecting a broader uptrend in the crypto market post-Trump’s electoral victory.
Trump’s pledge to implement pro-crypto policies has sparked optimism among investors, leading to what some are calling the “Trump Trade” sentiment. This upbeat outlook is further bolstered by the revelation that the president-elect holds a substantial amount of ETH in his private wallet, adding to the overall positive market sentiment.
Additionally, institutional investments in Ethereum, such as the Michigan State Retirement System’s holdings in Ethereum ETFs, further support ETH’s upward trajectory. This vote of confidence in Ethereum’s potential utility and return profile suggests a more bullish outlook for the cryptocurrency compared to other digital assets like Bitcoin.
Technical indicators also point to a bullish trend for Ether, with ETH consolidating within an ascending triangle pattern. The recent bounce after testing the triangle’s lower trendline as support indicates a potential reversal breakout in November, with the possibility of ETH reaching as high as $3,600.
While this article does not provide investment advice, it highlights the current market trends and factors influencing Ethereum’s price movement. Investors are advised to conduct their own research and analysis before making any trading decisions.
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