Ethereum (ETH) Price Prediction 2023: ETH Surged as Investors Reacted to Donald Trump's Election

Ethereum price surged on Wednesday as investors reacted to Donald Trump's election and the potential policy changes that are coming up. ETH surged to a high of $2,600, its highest point since Oct. 31.

Cryptocurrency prices soared on Wednesday as investors reacted to Donald Trump’s election and the potential policy changes that are coming up.

Bitcoin price rose by over 4% and is now trading at $56,400. ETH surged to a high of $2,600, its highest point since Oct. 31. It has徘徊ed around $2,500 in the past few days.

The recent price action comes as some crypto analysts are making bold predictions about where the coin will be headed in the coming months.

In a recent X post, Evan Luthra, a popular crypto analyst with over 452k followers, noted that the coin could jump to $10,000 in the coming months.

If this ETH prediction is accurate, it means that the coin will soar by 285% from the current level.

He also believes that Bitcoin will now soar to $100,000 that it has retested its all-time high. Luthra also expects Solana to roar to $1,000.

Crow, another crypto analyst with over 40k followers, shared a similar view. He noted that he expects ETH price to mirror what Solana did last year when it went parabolic.

For these analysts to be correct, it means that Ethereum will need to handle some of the existing issues.

For one, there is a perception that Ethereum whales are selling the coin. Recently, the Ethereum Foundation and Vitalik Buterin have sold some of their coins.

At the same time, Ethereum ETFs are not doing well as their cumulative outflows rose to over $500 million in the past seven weeks.

In total, the ETFs have seen outflows of over $750 million, while Bitcoin ETFs have seen inflows of over $23 billion in the past ten months.

Ethereum is also losing market DEX networks in Solana handled the most crypto volume last month. It processed over $52 billion compared to Ethereum’s $42 billion.

ETH price will also need to overcome some technical challenges for the bullish breakout to happen. For one, the coin remains below the 200-day Exponential Moving Average (EMA), meaning that bears are in control for now.

Also, Ethereum has formed a bearish pennant pattern whose triangle section is nearing its confluence level. Therefore, there is a risk that the ETH token will have a bearish breakout.

The negative view will become invalid if the coin rises above the 200-day moving average level at $2,756. If this happens, then it means that Ether will next eye the next psychological point at $3,000.