The price of Ethereum (ETH) is on an upward trajectory towards $3,600 this November, having surpassed a significant resistance level.
Ethereum’s native cryptocurrency, Ether, is poised to achieve its strongest weekly gains since May, following Donald Trump’s victory in the United States Presidential Elections.
Thanks to Trump, the crypto market is growing, ETH price
The surge in ETH’s value, nearly 16% for the week to date, reaching approximately $2,880 on November 7, including a spike of 10.40% in just the last 24 hours, reflects a broader uptrend in the crypto market triggered by Trump’s election win.
Trump’s commitment to adopting crypto-friendly policies in the US, diverging from Joe Biden’s administration’s stringent stance on the sector, has fueled optimism in the crypto space, with Ether seeing significant benefits.
Moreover, the president-elect’s personal investment in Ether, holding 495.279 ETH valued at $1.41 million, as per Arkham Intelligence data, has further uplifted market spirits.
Independent market analyst EthereanVibin expressed confidence in ETH’s potential for rapid growth, citing Trump’s positive history with Ethereum and his current involvement in developing a DeFi project on the platform.
Michigan State Pension Fund Joins Ethereum ETF
The surge in Ether’s value is further propelled by the disclosure of the Michigan State Retirement System’s stake in Ethereum-based exchange-traded funds (ETFs).
By the end of September, the retirement fund revealed its ownership of 460,000 shares in the Grayscale Ethereum Fund (ETHE), with an estimated value of around 10 million. In addition, it possessed an equal number of shares in Grayscale’s Ethereum Mini Trust, totaling about 1.1 million in value.
This significant investment in Ethereum, compared to the $7 million invested in spot Bitcoin ETFs earlier in the year, indicates a stronger belief in Ethereum’s potential for utility and financial return over the leading cryptocurrency.
Institutional investments often play a crucial role in fostering market stability and enhancing the long-term growth potential of the underlying asset.
Ethereum is preparing for a run above $3,600
Today’s upward movement in Ether’s price is a continuation of its pattern within an ongoing ascending triangle formation. Remarkably, the cryptocurrency experienced a surge of over 18% just two days after it rebounded from the triangle’s lower trendline, which acted as a support level.
As of November 7, Ether was trading above the triangle’s upper trendline resistance, indicating the potential for a bullish reversal breakout within the month of November.
This optimistic perspective is further supported by Ether’s recent closing above its 200-day Exponential Moving Average (EMA), situated at approximately $2,760.
Analyzing Ethereum’s technical chart patterns suggests that this breakout could propel the price to an increase equivalent to the height of the triangle. This means that the price of ETH could potentially reach as high as $3,600 in November.
