Ethereum Price Prediction: Trump’s Win Could Propel ETH to $10K Soon

Highlights:

• Ethereum price is rallying towards $2700 after bouncing off key support
• Continuation of the rally could pave the way for a retest of $3k short-term
• Trump’s election paves the way for more gains, with $10k as a realistic target

Ethereum, like the rest of the market, is pumping today. At the time of going to press, Ethereum was trading at $2622.05, up by 7.49%. Trading volumes are also rising, up by 94.96% in the day. This indicates the surging investor interest, not just in Ethereum but cryptocurrencies in general. From the charts, the odds are high that Ethereum could see even more gains going forward.

Technical Analysis – Ethereum Bullish After Key Support Holds

The charts indicate that Ethereum has gained substantial bullish momentum after establishing strong support at $2391.1 on November 4, ahead of the US general election. With the election of Donald Trump, Ethereum has pumped and is currently trending towards the $2721.2 resistance level.

A rally through this resistance could put Ethereum’s price on course for a rally to $3000 in the short term, with a potential retest of the $4800 all-time high as the bull run gains traction.

Donald Trump’s Win a Solid Bullish Signal for Ethereum Price

One of the key factors likely to sustain the current Ethereum rally is the election of Donald Trump. That’s because, unlike Kamala Harris, he has been highly pro-crypto throughout his campaign. One of his promises during the campaign was that he would fire Gary Gensler, the head of the SEC who has made it difficult for cryptocurrency projects. 

Let that sink in pic.twitter.com/XvYFtDrhRm

— Elon Musk (@elonmusk) November 6, 2024

That’s by taking a regulation-by-enforcement approach to crypto and in the process creating uncertainty in the market. With Trump headed back to the White House, and the Senate now in the hands of Republicans, regulatory clarity is all but guaranteed. This explains the Bitcoin pump today that has uplifted the entire market including Ethereum.

Federal Reserve Could Be About to Cut Rates

Ethereum could also get a boost from the fact that better news could be underway for the financial markets. Tomorrow, November 7, the Federal Reserve is expected to implement a second interest rate cut in months. This is a big deal because interest rate cuts tend to uplift asset prices as cheaper credit incentivizes investors to go into risky assets.  

🔥News ：Goldman Sachs analysts are confident that the Federal Reserve will implement two more rate cuts in 2024 and expects four consecutive cuts in the first half of 2025.#GoldmanSachs #FederalReserve #RateCuts #EconomicGrowth #MonetaryPolicy pic.twitter.com/5RDTFFiKIC

— CoinRank (@CoinRank_io) November 5, 2024

An interest rate cut at this time could spell good tidings for Ethereum and other altcoins. With Ethereum already massively undervalued compared to most altcoins, this could present a scenario where money could flow into Ethereum in huge numbers.

Crypto 4-Year Cycle Holding Up Well

There is also the fact that the cryptocurrency is right at the beginning of the 4-year parabolic pump that usually starts in October. So far, the cycle is going well as it has done in past cycles. With the political uncertainty now behind, and institutional money part of the play this cycle could be bigger than any other. 

Some analysts predict that Bitcoin could soon have prices as high as $250k. In such a scenario, with the momentum that Ethereum is building up at the moment, there is a good chance that Ethereum price could be headed to prices above $10k in an all-out bull market.

Some thoughts on why my estimated cycle top for #Bitcoin stands at $250K:
1️⃣First, considering the bottom structure, we can conclude that this cycle is quite similar to the previous one.
2️⃣There is a diminishing return effect, which explains why the previous cycle peaked at $64K… pic.twitter.com/rB6bjFVpKz

— BitQuant (@BitQua) October 7, 2024

A Recap on Ethereum Price

Ethereum has bounced off a key support level with substantial volumes. It is an indicator that the sluggish performance it has experienced in the recent past is over. The election of a pro-crypto president in the US, coupled with easy pathways for institutional money to buy Ethereum makes the case for a major price rally. Short term, Ethereum price could be headed for a retest of $4800, and potentially $10k in the foreseeable future.