Originally published on: November 07, 2024
Ethereum’s native token, Ether, is experiencing a significant uptick, with prices reaching $2,880 following Donald Trump’s recent victory in the US Presidential Elections. This surge marks ETH’s best performance in months, showcasing a gain of almost 16% week-to-date and a 10.40% increase in the last 24 hours alone.
Trump’s promise to implement pro-crypto policies has sparked optimism in the market, leading to what some are calling the “Trump Trade” sentiment. This shift in government attitude towards the crypto sector has had a positive impact on cryptocurrencies like Ether.
Moreover, Trump himself reportedly holds a substantial amount of ETH in his private wallet, amounting to a value of $1.41 million. This high-profile endorsement of Ethereum is further bolstering market confidence in the digital asset.
Institutional investments are also playing a crucial role in Ethereum’s recent rally, with the Michigan State Retirement System investing in Ethereum ETFs. This move demonstrates a growing confidence in Ethereum’s utility and potential return on investment compared to Bitcoin.
The current price movements suggest that Ether is consolidating within an ascending triangle pattern, hinting at a bullish breakout in November. Analysts predict that ETH could reach as high as $3,600 during this month.
It’s essential to note that this article is not intended as investment advice but rather as a reflection of current market trends. Investors should always conduct their own research before making any financial decisions. Stay informed with more articles like this by subscribing to our Markets Outlook newsletter for critical insights into investment opportunities and trading strategies.
