Following the just concluded United States Presidential election, the crypto market went into a bullish state with the majority of the coins recording massive gains in 24 hours. This is mostly because the newly elected Donal Trump has a pro-crypto stance and had already promised a complete reform of the country laws governing the sector.
One of the coins benefitting from this rally is Ethereum, the second-largest cryptocurrency by market cap, which immediately surged by over 13% amid the market momentum. The flagship cryptocurrency, Bitcoin, also saw significant gains, reaching a new all-time high status of $76k.
Trump Win Triggers Massive Rally
The crypto market is in a visible state of “greed” as shown in the fear and greed index data pointing to “77.” Ethereum’s price jumped about 13%, reaching as high as $2,870. However, at the time of writing, the coin’s price has retraced a bit and is not changing hands at $2,815, indicating a 7.09% over the last day.
The upsurge spread throughout the crypto market following a clear victory by the Republican President.
Source: CoinMarketCap
During his campaign, President Trump promised to do things differently from how Biden’s administration did, especially toward the crypto sector. He had said on several occasions that he would remove the SEC chair, Gary Gensler, on his first day in office, loosening the tight grip the watchdog holds over the industry.
Moreover, Donald Trump is a notable investor in cryptocurrencies. According to data from Arkham Intelligence, a sophisticated crypto-tracking service, the President has about $5.1 million in crypto investments, with heavy holdings like $1.39 million in ETH, $1.34 million in WETH, and $1.22 million in the TRUMP memecoin.
Trump’s investment in Ethereum hasn’t gone unnoticed in the crypto community. Highlighting his wallet on X, a prominent member of the community opined that the value of ETH could easily double in one week given Trump’s history with Ethereum, and the fact that he is currently building a DeFi project on the network.
With how bullish everything looks now$ETH could EASILY double in a week or twoEspecially given the fact that Trump has some decent history with Ethereum and is currently building a DeFi project on itThis is just one of his Ethereum wallets pic.twitter.com/FAPyT1wkiN
— EthereanVibin | 0xVibin.eth (@EthereanVibin) November 6, 2024
Can ETH Reach $3,600 Next?
With an expectation for a further ETH price movement, investors are wondering what could be next for the flagship altcoin. Notably, the current rally is part of Ethereum’s consolidation movement inside an ascending triangle pattern.
Ethereum’s technical chart shows an upward triangle movement targeting the $3.6k zone. It remained still above the triangle’s top trendline resistance as of today, November 7, which increased the likelihood of a positive reversal breakout in November.
Daily ETH/USD Chart, Source: TradingView
The fact that ETH closed above its 200-day Exponential Moving Average (EMA) at about $2,760 also supports the optimistic view. Consequently, Ethereum could be moving toward $4k, with a possible branch around $3,600 this month.
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