- Ethereum sees its best weekly performance since May, fueled by Trump’s election win.
- Michigan pension fund invests in Ethereum ETFs, signaling institutional support for ETH.
- Analysts suggest Ethereum could reach $3,600 if current trends continue through November.
Ethereum’s native token, Ether, has experienced a substantial increase in value following Donald Trump’s recent U.S. presidential election victory. As of November 7, Ether’s price had surged nearly 16% over the week, reaching close to $2,880, including a 10.4% increase in the past 24 hours alone. This rally in Ether mirrors broader growth across the cryptocurrency market, as Trump’s election has sparked optimism about potential pro-crypto policies.
Source: Arkham Intelligence
Pro-Crypto Sentiment Boosts Market
Trump’s promise to support crypto-friendly policies marks a shift from the stricter regulatory stance seen during Joe Biden’s administration. This shift has boosted investor enthusiasm, often referred to as the “Trump Trade,” which has benefited cryptocurrencies like Ether. Market data further reveals that Trump personally holds 495.279 ETH, valued at approximately $1.41 million, in his private wallet, tracked by Arkham Intelligence. Observers suggest that investments like these from high-profile figures are contributing to positive sentiment around Ethereum and the crypto sector as a whole.
Independent analyst EthereanVibin noted that Ether could potentially double in value in the near term, citing Trump’s historical interest in Ethereum and his involvement in a DeFi project as potential catalysts.
Institutional Investments Signal Confidence in Ethereum
The recent rally in Ether’s price also aligns with the news that the Michigan State Retirement System has invested in Ethereum through exchange-traded funds (ETFs). As of September 30, the pension fund held 460,000 shares of the Grayscale Ethereum Fund, worth around $10 million, along with 460,000 shares in the Grayscale Ethereum Mini Trust, valued at roughly $1.1 million.
These investments indicate a growing interest in Ethereum within institutional circles. Earlier in the year, Michigan’s retirement fund invested $7 million in spot Bitcoin ETFs, but its larger Ethereum holdings suggest that the fund sees significant potential in Ethereum’s utility and growth profile.
Ethereum Eyes Higher Price Levels
As Ether’s price continues its upward trend, technical indicators suggest that it could be on track for further gains. The cryptocurrency has been consolidating within an ascending triangle pattern, and it recently tested the pattern’s lower trendline as a support level before rebounding by over 18%.
At the time of writing, Ether was trading above the upper trendline of the triangle, hinting at the possibility of a bullish breakout this month. Additionally, Ethereum’s recent close above its 200-day Exponential Moving Average (EMA) around $2,760 strengthens the bullish outlook. Based on the chart’s technical patterns, Ether’s price could potentially reach as high as $3,600 in November if the breakout sustains momentum.
