As a seasoned crypto investor with over a decade of experience in this dynamic market, I have witnessed firsthand the rollercoaster ride that digital assets can offer. The recent surge in Ethereum (ETH) following Donald Trump’s victory has indeed caught my attention.
After Donald Trump’s election win on November 5th, Ethereum (ETH) showed a notable improvement in its performance. As the second largest cryptocurrency by market capitalization, ETH has surged by approximately 21.9% over the past three days. This uptrend has revived optimistic feelings among investors about the crypto and Ethereum-related investment opportunities.
Ethereum ETFs See Third Best-performing Day
In the midst of Ethereum’s price surge, it seems that spot Ethereum exchange-traded funds (ETFs) are experiencing their strongest day in over 13 weeks. Having been introduced in late July, my crypto investments in these ETH ETFs have had a rocky journey over the past few months.
During its initial two days, crypto investment products exceeded the predictions of financial experts. On the other hand, Exchange Traded Funds (ETFs) based on Ethereum experienced significant withdrawals as the market contracted during the third quarter.
On one of the days following the early August market correction, Ethereum-linked products experienced their second-largest single-day influx of funds since their initial launch. As the market began to rebound from the crash, Ethereum Exchange Traded Funds (ETFs) recorded a net inflow of approximately $98.4 million, with Blackrock’s ETHA leading the way.
In those days, crypto investments have found it difficult to surpass the $20 million threshold, managing to do so just five times over a three-month period.
The recent surge in ETH seems to have boosted optimism regarding the cryptocurrency and associated investment instruments, given its impressive performance over the past two days.
On Wednesday, Ethereum ETFs experienced their strongest one-day growth in six weeks, attracting approximately $52.3 million. Moreover, they recorded their third-largest single-day performance on Thursday and their best day since August 6, with an additional $79.7 million in investments.
ETH Rallies 16%, Is $3,500 Next?
In the past week, Ethereum has experienced a significant increase of approximately 16.6%, moving from around $2,500 (its support level) to the $2,900 mark which it briefly touched in the middle of Q3. Known as the “King of Altcoins,” Ethereum previously failed to hold onto its $3,000 support zone in early August, resulting in a 23% correction as the market experienced a pullback.
Despite attempting to surpass the significant barrier at $2,800 repeatedly over the past three months, the cryptocurrency has been unsuccessful and faced rejection each time. However, the victory of Republican candidate Donald Trump in the recent presidential elections seems to have energized the entire crypto market, potentially fueling a second wave of the bull run.
Over the past three days, Bitcoin (BTC), our leading digital currency, has ventured into new price territories, reaching a record peak of $76,800 on Thursday. Simultaneously, Ethereum’s value has surged from around $2,400 to just below the much-anticipated $3,000 barrier.
According to crypto expert Rekt Capital, the latest developments with ETH have mirrored a price drop pattern that started back in early August. This price dip, referred to as a gap, occurred when ETH’s value dropped from approximately $3,000 to $2,700 before experiencing a significant fall on August 5th.
According to the analyst’s prediction, if Ethereum manages to close at its current levels each week and then retests those levels, it would indicate a successful breakout from its three-month price range. Additionally, regaining the $2,900 resistance point would position Ethereum favorably for a gradual increase toward $3,500 in the future, potentially pushing Ethereum’s upward trend towards its yearly high of over $4,000.
As of this writing, Ethereum is trading at $2,925, a 4.2% increase in the last 24 hours.
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2024-11-09 11:11