Ethereum's Rise: A Boon for the Crypto Market and Nasdaq?

Following Trump's confirmed presidential election win on Wednesday, the stock market and related securities markets are experiencing volatility.

One example is Bitcoin, known as a prime beneficiary of a Trump presidency. Bitcoin reportedly broke through \$76,000 this week, hitting a new all-time high.

Looking at the Bitcoin chart in USD below, we can see that following Trump's confirmed election win on Wednesday, it created a large bullish candle, immediately breaking through the previous high from March of this year.

However, since Bitcoin was widely discussed as a beneficiary of a Trump presidency, it was questionable whether the entire coin market was heating up along with it, based solely on Bitcoin's price.

That's why we previously looked at Ethereum's price. Since the support line it had maintained since the previous high in the first half of the year, alongside Bitcoin, had been broken, we needed to see it break through and rise again to consider it a supporting signal indicating that the warming trend was spreading beyond Bitcoin to the entire coin market.

As seen in the daily Ethereum chart in USD above, a day later than Bitcoin, on Thursday, it began to break through the \$2,814 line, which had previously acted as resistance after it deviated from that level.

The fact that Ethereum, the leading altcoin, is also breaking through strong resistance indicates that positive sentiment is returning to the broader coin market beyond Bitcoin.

However, we should probably watch a little longer to see if this Ethereum trend is more than just a one-day flash in the pan. For now, it's a positive signal, and as long as it doesn't close below the \$2,814 line again, we should consider it a good sign. (Conversely, if it can't hold and quickly falls below that level again, the Trump effect might have only been a brief flash in the pan.)

The coin market might be affected by the NASDAQ index, the closely linked US stock market. If Ethereum maintains this level and other related market indicators don't cause any problems, a Trump-induced mini-bubble market could be created. It might even last a couple of months.

On the other hand, if the mini-bubble market continues unabated in the US stock market until early next year, I also suspect that the entry point for the "main game" (long-term bear market) that I often mention might be drawn much closer. It's a double-edged sword. Please note that the contents of this blog are purely my personal opinions and should only be taken as a reference.