Ethereum’s price surged, surpassing the $3400 barrier as markets responded to political events leading up to an inauguration.
Ethereum has been struggling since Jan. 11, 2017.ETH( ) has broken the downward trend, moved past the last resistance level at $3.400, and currently trades at $3.406.72.
Speculations about Donald Trump signing an agreement with the United States government has led to this market optimism. executive order When he assumes office, on January 20, he will be able to discuss cryptocurrency.
The order is also being discussed to include a directive to all federal departments to examine their crypto policy, along with the possible suspension of ongoing litigation.
The SEC settled with the SEC because it anticipated a change in leadership. Abra Yesterday, the government issued a warning over crypto-lending products that were not registered. It has created a positive momentum for the whole crypto market. According to a report, the cryptocurrency sector saw an increase of 3.54% in the last 24-hours. CoinMarketCap.
Trump’s pro-crypto stance has been further reinforced by the fact that crypto-friendly Congressman Tom Emmer On Jan. 15, I was appointed Vice-Chair of the Digital Assets Subcommittee.
The announcement of ETH’s upcoming ICO is another factor that has contributed to ETH’s growth. Pectra Upgrade’s Launch in the Execution Layer Meeting 203. Pectra’s upgrade will be welcomed as it is expected to solve many of Ethereum’s toughest problems.
Ethereum was plagued by congestion over the past few years and increased gas charges. Pectra aims to improve transaction speeds and increase efficiency. It also establishes the foundation for interoperability of Layer 2 solutions with the mainnet. This is crucial for future blockchain expansion.
Ethereum could see its price rise even further
According to the Moving Average Convergence Divergence Chart (MACD), ETH has provided buy signals. Meaning that at least in the near-term, price increases can be anticipated.
MACD waves measure momentum changes, indicating possible price trends. HODL wave reflect holding behaviors over a long period of time. Together, these indicators can provide an indication of price trends.
The HODL wave is a sign of a long-term investor sentiment. It shows ETH held in large quantities for longer than 365 days, indicating steadfast confidence. Short-term sales pressure has also been reduced. These major events show that ETH may be a good candidate to see a possible price rise. However, ETH may experience minor price fluctuations while the market takes in these new developments.
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Source: crypto.news
