Ether (ETH) is gaining momentum after breaking through key resistance levels following Donald Trump’s election victory and could reach the $3,600 target this November. This price rally reflects interest in Ethereum-based projects, driven by Trump’s crypto-friendly policies as well as institutional investments.$ETH
Independent market analyst EthereanVibin emphasizes that ETH can double in a short time with low risk, emphasizing that this situation strengthens the positive sentiment and expectations in the market. Ethereum's price rise and increasing institutional support indicate the potential for ETH to reach $ 3,600 in November.
Ether’s Strong Performance in November: Market Dynamics and Predictions
Ethereum’s native token, Ether (ETH), has been rising on major market developments like Donald Trump’s election victory, creating a new sense of optimism in the cryptocurrency market. Following the elections, ETH started the week with a nearly 16% increase, indicating a strong bullish sentiment in the market.
The Impact of Donald Trump’s Crypto-Friendly Policies
Donald Trump’s anticipated crypto-friendly policies are having a significant impact on the market. Trump’s victory has ushered in a period dubbed the “Trump Trade,” during which crypto assets like Ether have seen significant gains. Trump’s promise to create a more favorable regulatory environment for cryptocurrencies is seen as a major shift from the strict policies of previous administrations and is helping to revive investor confidence.
Institutional Investments Increase Confidence in Ethereum
Another major development contributing to the price rally in ETH has been the shift towards Ethereum from institutional investors such as the Michigan State Retirement System. The fund holds approximately 460,000 shares through the Grayscale Ethereum Fund (ETHE), with a total value of these shares approaching $10 million. This investment shows that confidence in Ethereum is increasing and institutional investments are strengthening the interest in ETH.
Ethereum and Bitcoin Investments: Change in Institutional Preferences
The Michigan State Retirement System previously invested $7 million in spot Bitcoin ETFs. However, interest in Ethereum has increased recently, indicating a growing confidence in Ethereum’s potential utility and future returns. Such institutional investments could increase market stability and support Ethereum’s long-term growth potential, making it more attractive to retail investors.
Technical Analysis: Ethereum’s Progress Towards $3,600 Target
As of November 7, ETH’s price action has been notably bullish. The cryptocurrency has managed to stay above the upper trendline resistance level of the ascending triangle formation. This breakout signals a potential bullish reversal, and analysts are observing that ETH has found solid support above the 200-day Exponential Moving Average (EMA). Currently trading at around $2,760, ETH has the potential to rise further.
Chart Analysis and Price Projections
Technical patterns suggest that if the price continues to rise further, ETH could make a jump towards $3,600 in November. This projection was made based on the height of the triangle formation and recent price action reflects strong bullish patterns, indicating a major jump. If Ethereum continues its rise, it will have established a solid base to reach $3,600.