According to Cointelegraph: Ethereum (ETH) is trending toward the $3,600 mark in November, buoyed by several key market developments. Ether is on track for its best weekly performance since May, largely influenced by Donald Trump’s recent victory in the U.S. presidential election, which has spurred a broader crypto rally.
Trump’s Pro-Crypto Stance Boosts Market Sentiment
ETH's price surged by nearly 16% this week, reaching around $2,880 on November 7, with a remarkable 10.4% gain in the last 24 hours alone. This rally reflects broader upward momentum across the crypto sector, largely driven by Trump's promise to implement pro-crypto policies, a shift from the prior administration’s cautious approach. This “Trump Trade” sentiment has particularly benefited Ether, bolstered further by reports of Trump holding 495.279 ETH worth approximately $1.41 million, according to Arkham Intelligence.
Institutional Investments Add Support: Michigan Pension Fund Invests in Ethereum ETF
Ethereum’s (ETH) momentum is also strengthened by news of institutional backing. The Michigan State Retirement System recently disclosed holdings of 460,000 shares in the Grayscale Ethereum Fund (ETHE), valued at roughly $10 million, alongside additional shares in Grayscale's Ethereum Mini Trust. This allocation contrasts with the fund’s $7 million investment in spot Bitcoin ETFs earlier in the year, suggesting increased institutional confidence in Ethereum’s growth potential and utility.
Technical Breakout Raises Price Target to $3,600
From a technical perspective, Ethereum's price has formed a bullish breakout pattern, surpassing the upper trendline of an ascending triangle, typically a positive signal for further gains. Ether’s close above its 200-day Exponential Moving Average (EMA) at $2,760 indicates strength in the market, with analysts predicting the breakout could elevate ETH to $3,600. Market analyst EthereanVibin echoed this optimism, suggesting ETH could "easily double" if current conditions hold, especially as Trump’s pro-crypto policies may foster long-term growth for the asset.
