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Donald Trump's victory created great excitement in the cryptocurrency market, and Bitcoin (BTC) broke new records.
While this rise in BTC also moved altcoins, Ethereum (ETH), which has been a weak performer for a long time, also exceeded $ 2,900.
At this point, analysts expect Ethereum to continue its rise due to the increased risk appetite after Donald Trump won the presidential election.
Ethereum Could Reach $3,200 in the Short Term!
According to Bitfinex analysts, increased investor appetite and ETF inflows due to Republican and Trump victories could help the Ethereum price reach $3,200 in the short term.
“We expect Ethereum to soon emerge from a prolonged phase of intense consolidation.
We expect Ethereum to rally over the next few months and our price target for ETH remains at $3,200.”
Bitfinex analysts said that the Ethereum price started to become more volatile as purchases in the spot market increased after the US elections.
Analysts stated that open positions in ETH increased along with increased spot purchases after the election, and that these two factors prepared the ground for the next rise in the short term.
“Ethereum open interest has also reached abnormal levels. Open interest reached $1.3 million in August compared to just $800k in total, and in our view and data, most of that is on the short side.
This data also indicates that Ethereum will start to see a good rise in a few months.”
The First Stakeable Ethereum ETF Could Be Coming!
Apart from Bitfinex analysts, Nansen analyst Edward Wilson said that the first staked Ethereum ETF could be launched in the US after the Trump victory.
Stating that more Ethereum-based ETFs will push the price higher, Wilson added that these ETFs could help the ETH price rise above its previous ATH of $4,800 on November 16, 2021.
“Since the regulatory environment in the US will likely be pro-crypto with a Trump victory, we may see a staked ETH ETF.
“If that happens, ETH will become an exciting asset to watch. In other words, ETH will be back to its cool days.”
*This is not investment advice.