Ethereum looks attractive to investors again due to the combined effect of the Fed’s 25 bps rate cut and Donald Trump’s victory in the presidential el
Ethereum looks attractive to investors again due to the combined effect of the Fed’s 25 bps rate cut and Donald Trump’s victory in the presidential election
The second-largest crypto by market valuation finally breached the $3,200 threshold early Sunday. Ethereum’s price is starting to rise on that wave, rising 25% in less than ten days and surpassing Bitcoin’s own 14% increase.
The Federal Reserve lowered interest rates by 25 basis points on Thursday after lowering them by 50 basis-point in September.
Nevertheless, as the digital financial market benefits from President-elect Donald Trump’s pro-digital asset policies, EETH is trying to surpass the 50-day SMA on the weekly chart, which has been limiting any upward price movement since August 5. Before aiming for a new all-time high, ETH could turn the $3,366 resistance into a support and rally to meet its yearly high resistance of $4,093 if it breaks above this SMA.
Weekly inflows into spot Ethereum exchange-traded funds reached their highest levels as the flagship altcoin surpassed $3,000 for the first time since August. Over the past week, the amount of money flowing into Ether-based ETF products has increased to $154.66 million, the most since the Securities and Exchange Commission (SEC) authorized the offerings in July, as shown on SoSovalue data.
Inflows started to increase after Donald Trump won the election. Fundamentals show market participants’ continued optimism that the incoming Washington administration will enact more benevolent rules for digital assets, which led to a market-wide rally following the presidential elections.
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