Originally published on: November 07, 2024
Ethereum’s native token, Ether, has seen a remarkable increase in price recently, marking its best weekly performance since May. The surge comes following Donald Trump’s victory in the United States Presidential Elections.
With a nearly 16% increase week-to-date, ETH has reached around $2,880 as of Nov. 7, gaining 10.40% in the last 24 hours alone. This uptrend reflects positive movements across the crypto market in response to Trump’s electoral win.
Trump’s promises of crypto-friendly policies have contributed to what’s being called the “Trump Trade” sentiment, benefitting cryptocurrencies like Ether. Additionally, the revelation of Trump holding a substantial amount of ETH in his private wallet has further boosted market sentiment.
Analysts speculate that ETH has the potential to double in value within a short timeframe. This optimism is supported by news of institutional investments in Ethereum, particularly from the Michigan State Retirement System.
Institutional investments are expected to stabilize the market and drive long-term growth for Ether. As the cryptocurrency consolidates within an ascending triangle pattern, there is a possibility of a bullish breakout in November.
EthereanVibin, an independent market analyst, suggests that ETH’s price could reach as high as $3,600 this month based on technical analysis. However, it is essential to conduct thorough research before making any investment decisions.
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