CandleFocus Ether Blows Past $3K, Builds Bullish Momentum After Trump's Election Win and Fed Rate Cut
2024-11-09
Author: Content Editor
Ethereum's native token, Ether (ETH), has seen a surge in demand and price following Donald Trump's victory in the U.S. election and a rate cut by the Federal Reserve. ETH reached its highest price since August 2, surpassing $3,000 and experiencing a 23.39% gain for the week. The surge in ETH can be attributed to hopes that the Trump administration will ease regulatory barriers for the crypto industry and the appeal of ETH as an internet bond with staking rewards. The positive pricing of ETH options suggests that the rally is expected to continue. Additionally, inflows into spot ether exchange-traded funds (ETFs) have increased. However, ETH is still below its 2021 peak, while Bitcoin is trading at record highs.
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