Originally published on: November 08, 2024
Following Donald Trump’s reelection, analysts are anticipating an exciting rally for Ether, with predictions of surpassing the $3,200 mark as ETF inflows turn positive.
In the aftermath of Trump’s victory on November 6, spot Ether exchange-traded funds (ETFs) saw a significant surge in net inflows, totaling $52.3 million on the day of the election and $79.7 million the following day, according to data from Farside Investors.
This influx of investment, combined with a renewed investor interest spurred by the Republican win, is expected to propel Ether’s price to new heights in the near future, as highlighted by Bitfinex analysts.
With Bitcoin’s dominance standing at 60.4% as of November 8, analysts suggest that Ether is gearing up for a potential breakout, driven by a post-election market sentiment that is increasingly bullish.
Experts are optimistic about the crypto market’s prospects under a Trump administration, with projections such as Bitcoin reaching $100,000 by 2024 from Bitget Research’s chief analyst, Ryan Lee.
As Ether’s price exhibits heightened volatility due to increased buying activity post-election, analysts anticipate a forthcoming breakout fueled by growing open interest and market dynamics.
Moreover, the expectation of more Ether-based ETFs entering the market could lead to a surge in Ether’s price, potentially surpassing its previous all-time high of $4,800 set in November 2021.
Edward Wilson, an analyst at Nansen, suggests that a Trump administration is likely to embrace crypto industry innovation, paving the way for the introduction of the first staked Ether ETF.
The bullish outlook for Ether and the broader crypto market is underscored by recent milestones, such as Bitcoin achieving a new all-time high above $76,400 in the wake of Trump’s victory.
As investor sentiment remains buoyant and market dynamics continue to evolve, the stage is set for Ether to break out and reach new price milestones in the coming days.
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