$ETH has risen by 30% over the past week, leading the gains among the top 10 mainstream cryptocurrencies by market cap. Why?

ETH has broken through $3,100, and the ETH/BTC ratio has risen by 17% since bottoming out on Oct 5 (when Trump won the U.S. election). ETH's market dominance has already recovered to 14.3%. Although $ETH is still far from its all-time high of $4,800 reached on Nov 8, 2021, its trend has clearly reversed. Why?

1⃣After Trump won the election, and the first Ethereum staking ETF might be approved.

2⃣Bitcoin has continued to hit new all-time highs, boosting ETH's price.

3⃣Ethereum has been severely oversold.

Ethereum is targeting above $3,600

Based on Ethereum’s chart technicals, this breakout could push the price by as much as the triangle's height. In other words, $ETH can rise as high as $3,600 in Nov.