Ethereum Surges Over $2,800 Following Trump’s Victory

Market Rally Driven by Increased Interest in DeFi

ETH Hits Highest Price Since August 2024

On November 7, 2024, Ethereum’s price soared above $2,800, marking a significant 10% jump in the wake of Donald Trump’s election win.

DeFi Platforms Experience Surge in Trading Volume

While other cryptocurrencies faced selling pressure, Ethereum maintained strong upward momentum, breaking past its previous trading range.

Anticipation of Regulatory Easing Under New Administration

Trump’s promises to support cryptocurrency innovation have sparked optimism in the market, with expectations of regulatory changes benefiting DeFi projects.

Technical Analysis Supports Bullish Market Sentiment

New Support Levels Formed as Buyers Maintain Positions

Technical indicators reveal robust market fundamentals, with sustained buying pressure and minimal retracement on hourly charts.

Potential Regulatory Changes Boost Market Confidence

Market sentiment is positive on expectations of deregulation and crypto-friendly policies under Republican leadership, driving interest in DeFi-related discussions.

Strong Performance Metrics Across DeFi Projects

Aave Reports Record Revenue, Showing Sector Strength

Leading DeFi platform Aave posted quarterly revenue surpassing previous highs, indicating sector resilience beyond political developments.

Price Action Analysis Highlights Key Support and Resistance Levels

Resistance is expected near $2,850, with support forming at $2,800 and stronger buyer interest at $2,720, signaling ongoing market momentum.

Market Indicators Point to Sustained Buying Pressure

Healthy Volume Distribution and Break Above Moving Averages

Chart patterns indicate positive market momentum, with MACD and RSI in bullish territory and Fibonacci retracement levels suggesting strong support at current price levels.

Continued Buying Interest and Elevated Trading Activity

Order books show substantial support at lower prices, indicating continued market participation and interest in Ethereum’s price movement.