Ether (ETH) Rally Above $3,200 May Be Coming as Risk Appetite Grows After Trump Victory

Inflows into spot Ether (ETH) exchange-traded funds (ETFs) turned positive after the US election results, with the ETFs seeing $52.3 million in net positive inflows on Nov. 6 and $79.7 million on Nov. 7, Farside Investors data shows.

Analysts are eyeing an Ether rally above $3,200, driven by a growing risk appetite after Donald Trump’s victory in the United States presidential election.

On Nov. 6, Trump was declared the winner of the election, securing his second term as US president.

Inflows into spot Ether ETH $2,918.50 exchange-traded funds (ETFs) turned positive after the US election results, with the ETFs seeing $52.3 million in net positive inflows on Nov. 6 and $79.7 million on Nov. 7, Farside Investors data shows.

Ether ETF inflows in US dollars (millions). Source: Farside Investors

The ETF inflows, along with a growing investor appetite boosted by the Republican victory, may help Ether’s price reach $3,200 in the short term, according to Bitfinex analysts.

The analysts told Cointelegraph:

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Ether/USD, all-time chart. Source: Cointelegraph

Bitcoin’s BTC $76,080 dominance stood at 60.4% as of 8:10 am UTC on Nov. 8, suggesting Ether may be preparing for an imminent breakout, based on the analysis.

Increasingly, more analysts are bullish on the crypto market’s post-election trajectory, thanks to Trump’s upcoming presidential term. Notably, Bitget Research’s chief analyst, Ryan Lee, expects Bitcoin to breach $100,000 before the end of 2024.

Related: Two Bitcoin whales buy $142M BTC after Trump’s win

Open interest at “abnormal” $1.3 million points at Ether breakout within a month — Analysts

The Ether price is already becoming more volatile due to increased spot market buying after the elections.

This dynamic, along with Ether’s growing open interest, will set the stage for the next breakout in the short term, Bitfinex analysts explained:

Showcasing the growing investor conviction, Bitcoin’s price reached a new all-time high above $76,400 on Nov. 6, shortly after Trump was elected president.

Related: Top Polymarket whale profits $20M from Trump victory

Trump’s victory could fast-track the first staked Ether ETF — Nansen

A Trump administration will likely embrace more crypto industry innovation, including the debut of the first staked Ether ETF, according to Edward Wilson, an analyst at Nansen.

The analyst told Cointelegraph:

More Ether-based ETFs could help Ether’s price rise above its previous all-time high of $4,800, recorded on Nov. 16, 2021, nearly three years ago.

For Bitcoin, ETF inflows accounted for about 75% of new investment in the world’s first cryptocurrency when its price rose above $50,000 in February, a month after spot BTC ETFs debuted for trading in the US.

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