As a seasoned researcher with over two decades of experience in the financial markets and a keen interest in the cryptocurrency realm, I find myself intrigued by the current bullish sentiment surrounding Ether (ETH). The recent victory of Donald Trump in the US presidential election has undeniably sparked a surge in investor appetite for riskier assets such as crypto.
As a researcher, I’m closely monitoring the potential surge of Ether beyond $3,200, fueled by the increasing risk tolerance following Donald Trump’s triumph in the U.S. presidential election.
On November 6th, I confirmed that Donald Trump had emerged victorious in the U.S. Presidential Election, thereby securing a second term as our nation’s 47th President.
After the announcement of the US election results, there has been a shift in investments flowing into Ethereum (ETH) exchange-traded funds (ETFs), as they recorded a total of $132.0 million in positive net inflows on November 6 and 7, according to data from Farside Investors.
According to Bitfinex analysts, increased investments into ETFs and heightened enthusiasm among investors following a Republican victory may potentially drive up the value of Ether to around $3,200 over the near future.
The analysts told CryptoMoon:
“We do expect Ether to soon break out of its long-term range, where there has been heavy accumulation. Our target for the next few months remains at $3,200, and as soon as Bitcoin’s market cap ratio against the total market cap tops — our expectation is that it will be around 60% — we can expect Ether to have a run.”
As of 8:10 am UTC on November 8th, Bitcoin‘s (BTC) dominance was at approximately 60.4%, indicating that Ethereum might soon experience a significant surge in value according to recent analyses.
More and more financial experts are becoming optimistic about the direction of the cryptocurrency market in the coming years due to Donald Trump’s upcoming presidency term. In particular, Ryan Lee, the chief analyst at Bitget Research, forecasts that Bitcoin will surpass $100,000 before the year 2024 concludes.
Open interest at “abnormal” $1.3 million points at Ether breakout within a month — Analysts
Due to higher demand for Ether on the spot market following the elections, its price is starting to exhibit greater fluctuations.
The ongoing development, combined with an increasing number of open interests in Ether, is expected to pave the way for the next significant surge in the immediate future, as per Bitfinex’s analysis.
“Open interest has also skewed to abnormal levels, hitting $1.3 million versus just $800k in August in total, and our view based on Cumulative Volume Delta and bid/ask skew data that much of this is on the short side. This leads us to believe that in a month, Ether should start seeing good upside.”
Demonstrating increasing confidence among investors, the price of Bitcoin surpassed its previous record, reaching over $76,400 on November 6, not long after Donald Trump’s presidency began.
Trump’s victory could fast-track the first staked Ether ETF — Nansen
It’s expected that a Trump-led administration might welcome increased innovation in the cryptocurrency sector, possibly marking the launch of the first Ethereum-backed ETF that involves staking, as suggested by analyst Edward Wilson from Nansen.
The analyst told CryptoMoon:
“As the regulatory environment will likely be pro-crypto, we may even see a staked ETH ETF approved early in this new administration, which will fully leverage the benefits of ETH as an asset. If this occurs, then ETH will become an exciting asset to watch. Put differently, ETH is cool again.”
Additional Exchange Traded Funds (ETFs) tied to Ether might push Ether’s value beyond its past record high of $4,800, set on November 16, 2021, which was almost three years ago.
Approximately 75% of fresh investments into Bitcoin were attributed to Exchange-Traded Fund (ETF) inflows when its value surpassed $50,000 in February 2024, a month following the launch of U.S.-tradable spot Bitcoin ETFs.
Read More
- EUR JPY PREDICTION
- DF PREDICTION. DF cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- Doctor Strange’s Shocking Return in Marvel’s Avengers: Doomsday Revealed!
- COW PREDICTION. COW cryptocurrency
- ASTR PREDICTION. ASTR cryptocurrency
- USD MXN PREDICTION
- POL PREDICTION. POL cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- YFI PREDICTION. YFI cryptocurrency
2024-11-08 11:59