Ether Price Forecast: $3,200 Target in Sight After Trump’s Election Victory
Ether Price – Analysts are now eyeing a potential Ether rally above $3,200, as the market shows signs of increased risk appetite following Donald Trump’s victory in the 2024 United States presidential election. On November 6, Trump was declared the winner, securing a second term as president, which has sparked renewed optimism in the cryptocurrency market.
Following the election results, inflows into Ether exchange-traded funds (ETFs) turned positive, with $52.3 million in net inflows on November 6 and $79.7 million on November 7, according to data from Farside Investors. The surge in ETF inflows, combined with growing investor enthusiasm, could provide the momentum Ether needs to push towards $3,200 in the short term, according to Bitfinex analysts.
Strong Ether Price Targets: $3,200 and Beyond
Bitfinex analysts believe that Ether is on the verge of breaking out of its long-term range, where significant accumulation has taken place. They maintain a price target of $3,200 for the coming months, with the expectation that once Bitcoin’s market dominance tops 60%, Ether will follow with a significant rally.
As of November 8, Bitcoin’s dominance stands at 60.4%, suggesting that Ether may be preparing for an imminent breakout. Analysts also pointed out that this breakout could be further accelerated as more funds flow into spot Ether.
Spot Market and Open Interest Signal an Ether Breakout
The increased spot market buying after the election has made Ether’s price more volatile, setting the stage for the next price breakout. This volatility, along with a rise in open interest, signals a potential price surge for Ether within the next month.
According to Bitfinex’s analysis, open interest has surged to $1.3 million, significantly higher than the $800,000 recorded in August, pointing to abnormal levels of market activity. Much of this open interest is seen on the short side, further indicating that Ether is poised for a sharp upside movement.
“We expect Ether to see good upside in the coming weeks, with price action supported by the growing open interest and spot buying activity,” Bitfinex analysts stated.
Bitcoin’s Record High and Trump’s Influence on Crypto Market Sentiment
Bitcoin’s price surged to a new all-time high above $76,400 on November 6, shortly after Trump’s election victory. This jump in Bitcoin’s price is seen as a direct result of the renewed market optimism fueled by Trump’s victory, which analysts believe will encourage more crypto-friendly policies during his next term in office.
The First Staked Ether ETF Could Boost Ether’s Price Further
One of the significant developments that could further push Ether’s price is the potential launch of the first staked Ether ETF. According to Edward Wilson, an analyst at Nansen, a Trump administration is expected to be pro-crypto, which could accelerate the approval of a staked ETH ETF.
“If a staked ETH ETF is approved early in the Trump administration, it will leverage the full benefits of ETH as an asset. This could make ETH an even more attractive asset to investors,” Wilson noted. The approval of such an ETF could help Ether rise above its previous all-time high of $4,800, recorded in November 2021.
ETFs and the Growing Role of Ether in the Crypto Market
For comparison, Bitcoin saw ETF inflows accounting for approximately 75% of new investments when its price surpassed $50,000 in February 2021, just a month after spot Bitcoin ETFs began trading in the United States. The success of Bitcoin ETFs could signal a similar boost for Ether, with more Ether-based ETFs likely to be launched in the near future, contributing to the ongoing bullish outlook.
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