Ethereum and Pepe rise post-election with bullish outlook
Ethereum (CRYPTO:ETH) and Pepe (CRYPTO:PEPE) have surged following Donald Trump's victory in the U.S. presidential election, signaling a bullish trend in the broader crypto market.
Analysts predict that more favorable crypto regulations could emerge under Trump's administration, boosting confidence in the sector.
Ethereum has seen notable gains, with its price increasing nearly 10% over the past week, according to CoinMarketCap.
ETH has moved between $2,564 and $2,813, crossing key technical thresholds.
TradingView data shows ETH trading above its 20-day EMA of $2,862 and 50-day EMA of $2,956, supporting a bullish outlook.
Analyst Ryandcrypto has projected a potential rally to $5,000, suggesting that Ethereum could be a significant altcoin to watch.
The recent introduction of the Mekong Testnet by the Ethereum Foundation, which will test features for the upcoming Pectra upgrade, further solidifies the positive sentiment around ETH.
Pepe (PEPE), a top meme coin, has also seen strong growth, with a 10% increase in value over the past week and its market cap rising from $3.90 billion to $4.40 billion.
The surge was bolstered by Trump’s win and Robinhood adding PEPE to its European platform, offering rewards and deposit bonuses.
Analyst Altcoin Sherpa has expressed optimism, noting PEPE’s strong technical indicators, including trading above its 10-day EMA of $0.0000092 and 30-day EMA of $0.0000093, with momentum in the buy zone.
The crypto market overall has reacted positively to the election, with expectations for crypto-friendly policies and a shift toward blockchain-based finance.
Trump's past statements supporting the potential of crypto assets have fueled hopes for regulatory changes that could benefit digital currencies, including emerging players like Lunex Network (CRYPTO:LNEX), which aims to make strides in the DeFi space.
At the time of writing, the Ethereum price was $3,138.36, and the Pepe price was $0.00001207.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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