Donald Trump’s victory has sparked a wave of enthusiasm in the cryptocurrency market, leading to new records for Bitcoin (BTC).
This surge in Bitcoin’s price has also positively impacted altcoins, with Ethereum (ETH), which had been struggling for some time, surpassing the $2,900 mark. Analysts believe that Ethereum’s price could continue to climb, driven by an increased appetite for risk following Trump’s presidential win.
Some analysts, including those from Bitfinex, predict that Ethereum could reach $3,200 in the short term, fueled by a surge in investor interest and potential ETF inflows following the Republican victory. They believe Ethereum is emerging from a long consolidation phase and expect a rally in the coming months.
The analysts note that spot market purchases have increased, contributing to higher volatility, while open positions in Ethereum have surged, with many on the short side. This combination of factors signals a potential upward movement for ETH in the near future.
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Additionally, Nansen analyst Edward Wilson suggests that a staked Ethereum ETF could be launched in the US, which would further fuel Ethereum’s price. If such an ETF is approved in a pro-crypto regulatory environment under Trump, Ethereum could see renewed momentum, potentially surpassing its previous all-time high of $4,800.
