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ETH Holding Near Highs
Ethereum prices are back in the green today with the futures market currently up around 3% through early European trading. ETH hasn’t enjoyed outsized gains we’ve seen in market-leader BTC or elsewhere in the crypto-world. Altcoins and meme-coins have enjoyed a month of significant upside volatility on the back of Trump’s re-election success.
Bullish Outlook
Expectations of a more crypto-friendly environment under Trump next year have fuelled a surge of bullish sentiment in crypto markets though ETH is only up around 60% off the YTD lows and still below the YTD highs printed in March. This is in contrast to the more than 150% rally we’ve seen in BTC off the YTD lows and the more than 400% rally we’ve seen in Dogecoin. However, there are plenty of reasons to stay bullish on ETH with many crypto watchers expecting the coin to breakout higher in coming months.
Trump Trade
Pro-crypto policies from Trump next year are expected to be a big growth driver for the crypto market. With institutional demand for BTC/ETH ETFs and ETF options soaring, next year looks likely to be a pivotal year for crypto markets as Trump relaxes barriers for institutional access to crypto markets and we see wider uptake in the mainstream as a result.
Bullish Bets Growing
Current market data shows that options traders are heavily bullish ETH with open interest soaring over the last month, setting up the groundwork for a fresh push higher. The current skew is around $20 million - $6 million in favour of bulls. Indeed, many big names are backing a fresh push higher in ETH with Standard Chartered today projecting a target of above the $10k mark next year for ETH.
Technical Views
ETH
The rally in ETH has seen the market trading back up into a test of the bear channel highs and the 3,582.5 level where price is currently stalled. Focus remains on a further push higher while the market holds above the 2,8000 level with 4,003 the next bull target.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.