Why Ethereum Is Going Up Today: Ethereum Price Prediction

Why Ethereum Is Going Up Today: Key Drivers Behind ETH's Surge

Ether’s Price Surges Post Trump Victory: Poised for Best Weekly Gain Since May

Trump’s Election Win Ignites Crypto Market, ETH Soars

Ethereum’s native cryptocurrency, Ether (ETH), is set to close this week with its most impressive performance since May, following Donald Trump’s victory in the U.S. presidential elections. The token saw a notable surge of almost 16% week-to-date, reaching approximately $2,880 on November 7, including a 6.05% gain in the last 24 hours alone.

This spike in ETH's value mirrors the broader crypto market trend, sparked by Trump's win and subsequent pro-crypto policy promises. These policies mark a significant shift from the more restrictive stance of the previous Biden administration, fueling what many are calling the “Trump Trade,” which benefits assets like Ether the most.

Trump’s Crypto Holdings Boost Market Sentiment

Investor confidence in Ether has been further fueled by reports from Arkham Intelligence revealing that the president-elect owns 495.279 ETH, valued at approximately $1.41 million, in his private wallet. Such significant investments from high-profile figures are playing a crucial role in boosting market sentiment and encouraging further buying momentum.

Michigan Pension Fund Invests in Ethereum ETF

Adding to the bullish outlook, the Michigan State Retirement System has revealed its investment in Ethereum-focused exchange-traded funds (ETFs). By September 30, the pension fund reported holding 460,000 shares of the Grayscale Ethereum Fund (ETHE), worth an estimated $10 million, and an equal number of shares in the Grayscale Ethereum Mini Trust, valued at around $1.1 million.

This strategic investment in Ethereum outshines the fund’s earlier $7 million allocation to spot Bitcoin ETFs, underscoring the growing confidence in Ethereum’s potential as a leading digital asset with practical utility and strong return prospects.

Institutional Investments Signal Long-Term Growth

Institutional interest like that from the Michigan pension fund is considered a significant positive for the Ethereum market. Such large-scale investments typically contribute to market stability and bolster the long-term growth trajectory of the underlying asset.

ETH Eyes $3,600 as Ascending Triangle Breakout Nears

Ether’s price momentum is part of a consolidation pattern within its current ascending triangle structure. The cryptocurrency rebounded sharply, climbing over 18% after testing the triangle’s lower trendline as support. By November 7, ETH was holding above the triangle’s upper trendline, indicating a potential bullish breakout in the near term.

Technical Indicators Signal a Bullish Outlook

The bullish sentiment is further supported by ETH’s recent close above the 200-day Exponential Moving Average (EMA), positioned at approximately $2,750. This key technical indicator is often viewed as a benchmark for long-term market trends, suggesting that Ether could be gearing up for an upward push beyond $3,600 in the coming weeks.