This article is also available in Spanish.
Ethereum (ETH) registered a remarkable performance following Donald Trump’s victory in the November 5th US election. The second largest cryptocurrency by market capitalization has jumped 21.9% in the last three days, which dominates the bullish sentiment of investors for crypto-based investment products and ETH.
Related Reading
Ethereum ETFs See Third Most Active Day
During the ETH price rally, Ethereum exchange-traded funds (ETFs) recorded their best performing day in 13 weeks. Launched in late July, ETH ETFs have seen a fluctuating performance over the past few months.
Crypto investment products have exceeded experts’ expectations during their first two days. However, ETH ETH recorded a large outflow amid the Q3 market recovery.
Ethereum-based products saw their second largest one-day inflow since the launch of the early August correction. As the market recovered from the crash, Ethereum ETFs registered $98.4 million in net inflows, led by Blackrock’s ETHA.
Since then, crypto products have struggled to surpass the $20 million mark, only registering revenue above that range five times in three months.
The current meeting of ETH appeared to improve sentiments about cryptocurrency and investment products based on it, as it recorded a significant performance during the last two days.
The Ethereum ETF recorded its best-performing day in six weeks, seeing $52.3 million in inflows on Wednesday. Meanwhile, investment products saw their third-biggest one-day performance on Thursday and their best day since Aug. 6, with inflows of $79.7 million.
ETH Rallies 16%, Is $3,500 Next?
Ethereum has seen a massive 16.6% surge in the past seven days, jumping from the $2,500 support zone to the $2,900 mark lost in mid-Q3. The “King of Altcoins” lost the support area of ​​$3,000 in early August, recording a 23% correction during the market recovery.
The cryptocurrency is struggling to break above the key resistance level of $2,800, having been rejected at this level for the past three months. However, Donald Trump’s victory in Thursday’s presidential election has given the entire crypto market renewed momentum heading into the second leg of the bull run.
Over the past three days, the flagship cryptocurrency, Bitcoin (BTC), has entered price recovery mode, setting its latest high (ATH) at $76,800 on Thursday. Meanwhile, Ethereum has seen its price move from the $2,400 range to near the long-term expected $3,000 resistance.
Crypto analyst Rekt Capital noted that ETH’s recent performance filled its GME gap, which was formed in early August. The gap saw the price of ETH go from $3,000 to $2,700 before crashing on August 5.
Related Reading
According to the analyst, a weekly close above current levels, followed by a retest, will confirm ETH’s exit in the 3-month range. In addition, retrieving the $2,900 resistance “will stop ETH from moving to $3,500 in the long run,” which could propel Ethereum’s rally upward above the annual $4,000 level.
As of this writing, Ethereum is trading at $2,925, an increase of 4.2% in the last 24 hours.
Featured image from Unsplash.com, Chart from TradingView.com
Source link