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Ethereum (ETH) recorded an impressive performance following Donald Trump’s victory in the US elections on November 5. The second-largest cryptocurrency by market cap has jumped 21.9% in the past three days, reigniting investors’ bullish sentiment towards cryptocurrencies and ETH-based investment products.
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Ethereum ETFs See Third Best Performing Day
Amid rising ETH prices, Ethereum exchange-traded funds (ETFs) have fallen. registered Their best day in 13 weeks. Launched in late July, ETH ETFs have seen shaky performance in the past few months.
Cryptocurrency investment products exceeded experts’ expectations within their first two days. However, ETH ETFs recorded massive outflows amid market declines in the third quarter.
Ethereum-based products saw their second-largest single-day inflow since launching during the early August patch. As the market recovered from the collapse, Ethereum ETFs recorded $98.4 million in positive net inflows, led by Blackrock’s ETHA.
Since then, cryptocurrency products have struggled to cross the $20 million mark, only recording inflows above that range five times in three months.
ETH’s current rally seems to have improved sentiment around the cryptocurrency and investment products based on it, as it has recorded remarkable performance over the past two days.
Ethereum ETFs posted their best-performing day in six weeks, seeing inflows of $52.3 million on Wednesday. Meanwhile, investment products saw their third-biggest single-day performance on Thursday and their best day since August 6, with inflows of $79.7 million.
ETH up 16%, will $3,500 be next?
Ethereum has seen a massive 16.6% rally in the past seven days, jumping from the $2,500 support area to the missing $2,900 mark midway through the third quarter. The “altcoin king” lost the $3,000 support zone in early August, registering a 23% correction during market bounces.
The cryptocurrency struggled to clear the crucial $2,800 resistance level, having been rejected from this level for the past three months. However, Republican candidate Donald Trump’s victory in the presidential election on Thursday gave the entire cryptocurrency market a renewed push towards the second phase of the uptrend.
In the past three days, the leading cryptocurrency, Bitcoin (BTC), has entered price discovery mode, hitting its latest all-time high (ATH) of $76,800 on Thursday. Meanwhile, Ethereum price saw a move from the $2,400 range to the long-awaited $3,000 resistance level.
Cryptocurrency analyst Rekt Capital male ETH’s recent performance has filled the GME gap, which formed in early August. This gap sent the price of ETH rising from $3,000 to $2,700 before crashing on August 5.
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According to the analyst, a weekly close above current levels, followed by a retest, will confirm a breakout of ETH from the 3-month range. Furthermore, reclaiming the $2,900 resistance would “position ETH for a move to $3,500 over time,” which could push Ethereum’s rally toward a yearly high above $4,000.
As of this writing, Ethereum is trading at $2,925, an increase of 4.2% over the past 24 hours.
Featured image from Unsplash.com, chart from TradingView.com
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