Ethereum's price has surged by 3.22% today, reaching a high of $3,521.25, as it continues to build on its recent momentum. This rally comes amid a broader market upswing following Donald Trump's election as the 47th President of the United States, which has been accompanied by a series of pro-crypto promises. Ethereum has outperformed its major competitors, with $24.6 million worth of shorts being liquidated in the past 24 hours, highlighting the bullish sentiment among traders. The recent inflow of $91.3 million into Ethereum ETFs after a week of outflows further underscores the renewed investor interest in the cryptocurrency.
Analysts are closely watching Ethereum's approach to the $3,500 resistance level, which could pave the way for a significant rally if breached. Top analyst Carl Runefelt has noted that breaking this barrier could see Ethereum rapidly climb to $3,700, driven by strong on-chain activity and growing institutional interest. The market is optimistic about Ethereum's potential to lead a broader altcoin rally, with its price action often serving as a bellwether for the crypto market.