TLDR
- ETH jumped past $2,800 for first time since August 2024
- Trump’s victory sparked renewed interest in DeFi projects
- Trading volume increased substantially across DeFi platforms
- Market analysts point to potential regulatory easing under Trump
- Technical indicators show strong upward momentum
The cryptocurrency market experienced a notable shift on November 7, 2024, as Ethereum’s price surged beyond $2,800, marking a 10% increase following Donald Trump’s election victory.
This movement represents the highest price point for the second-largest cryptocurrency since August 2024.
Market data shows that while other cryptocurrencies faced selling pressure, Ethereum‘s upward momentum remained strong throughout the trading session.
The increase breaks away from the previous trading range, where prices had stayed between $2,300 and $2,600 for several weeks.
Trading volumes across decentralized finance platforms showed substantial growth, with DeFi indexes recording an average increase of 22% within 24 hours of the election results.
This surge outpaced the broader cryptocurrency market’s modest 3.4% gain during the same timeframe.
Trump’s campaign platform included promises to position the United States as a leader in cryptocurrency innovation.
These statements appear to have resonated with market participants, who anticipate potential changes in the regulatory landscape under the incoming administration.
DeFiance Capital’s co-founder Arthur Cheong highlighted the market’s response on social media platform X, pointing to expectations of deregulation and crypto-friendly policies under Republican leadership. The sentiment reflects broader market optimism about reduced regulatory constraints on DeFi projects.
Technical analysis reveals strong market fundamentals supporting the price increase. Trading patterns show the formation of new support levels, with buyers maintaining positions above key price points. The hourly charts indicate sustained buying pressure with minimal retracement.
Social media monitoring tools show DeFi-related discussions leading other crypto sectors in engagement and positive sentiment. Data from Kaito analytics indicates heightened interest in DeFi projects compared to other trending topics like artificial intelligence and meme-based cryptocurrencies.
Market observers note the potential impact of Trump’s family connections to World Liberty Financial as an additional factor influencing market confidence.
This relationship has drawn attention from traders analyzing potential policy directions under the new administration.
Individual DeFi projects are showing robust performance metrics. Aave, a leading DeFi platform, reported quarterly revenue exceeding its previous high from late 2021, suggesting underlying strength in the sector beyond political developments.
Price action analysis shows initial resistance forming near the $2,850 mark, with additional selling pressure expected around $2,880. Support levels have established around $2,800, backed by stronger buyer interest at $2,720.
Trading data indicates healthy volume distribution across major exchanges, suggesting broad-based participation in the current market movement. The uptick in volume adds credibility to the price increase, according to market analysts.
Chart patterns reveal a clear break above several key moving averages, traditionally interpreted as a bullish indicator by technical traders. The price maintains position above the critical 100-hour Simple Moving Average, reinforcing the current upward trend.
Market momentum indicators, including the MACD and RSI, remain in positive territory. The MACD shows increasing bullish momentum, while the RSI stays above the midpoint level, indicating sustained buying pressure without reaching overbought conditions.
Fibonacci retracement levels calculated from recent price movements suggest strong support has formed above the 23.6% retracement mark. This technical indicator often helps traders identify potential entry and exit points during trending markets.
The latest market data shows continued buying interest at current price levels, with order books indicating substantial support at lower prices should any retracement occur. Trading activity remains elevated compared to weekly averages.
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