Why did the price of Ethereum (ETH) rise today?
After Trump's election, Ethereum's native currency, Ether (ETH), performed well this week and is expected to be the best week since May.
Trump pushed up the crypto market, and ETH also rose.
As of November 7, the price of ETH has risen by nearly 16% this week, almost $2,880, and it rose by 10.4% yesterday alone. After Trump's election, cryptocurrencies as a whole have been rising.
Trump said that he would promote policies that support cryptocurrencies in the United States, which is different from the tough attitude of the Biden administration. This has led to the trend of "Trump transactions", and cryptocurrencies such as Ethereum have benefited from it.
It is said that Trump still has 495 Ethereum in his own wallet, worth more than $1.4 million. This kind of big-name investment has also boosted market sentiment.
An analyst said that ETH may double in a week or two because Trump and Ethereum have had a good cooperation and are still working on DeFi projects on Ethereum.
Michigan Pension Fund also bought Ethereum ETF
Ether rose, and the Michigan Retirement System followed suit and bought Ethereum exchange-traded funds (ETFs).
By the end of September, they bought 460,000 shares of Grayscale Ethereum Fund, worth $10 million, and 460,000 shares of Grayscale's Ethereum Mini Trust, worth $1.1 million.
They only allocated $7 million to the Bitcoin ETF earlier this year. Now they are so confident in Ethereum, which seems to be a sign of Ethereum's potential and returns.
Institutional investment can make the market more stable and long-term growth more promising.
ETH is expected to hit $3,600
ETH rose today because it is consolidating in an ascending triangle pattern. It tested the lower bottom line of the triangle in the past two days, and then rebounded 18%.
As of November 7, it is still above the upper top line of the triangle, and a bullish reversal breakout may come in November.
ETH's price is also above its 200-day exponential moving average (EMA) of $2,760, which is also a bullish signal.
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