The price of Ethereum has risen 5.5% in the last 24 hours, during which the crypto market has been jolted by CFTC allegations against Binance. Without appropriate registration, the largest exchange in the crypto sector in terms of trading volume would have allowed derivatives trades for its US customers.
Throughout the month, the price of Ethereum has increased by 11%, while the price of BTC has increased by 52% since the beginning of 2023. Moreover, the second most popular cryptocurrency is benefiting from recent statements by Rostin Behman, commissioner of the US federal government’s Commodities Futures Trading Commission since 2017, who believes Ethereum should be classified as a commodity.
Ethereum is Seen as a Solid Investment Option
At a time when several exchanges and token issuers are facing legal action, the CFTC official’s remark served to underline the perceived security of investing in Ethereum, whose solid foundations have enabled him to accomplish outstanding gains in recent weeks.
The Shanghai Update release date has also been announced. Itwill be accessible on April 12 and may have a beneficial impact on the token’s price in the short and medium term, owing to institutional players who may engage in Ethereum staking.
Ethereum’s Technical Indications Show that it will Rise
Ethereum technical indications now suggest that the token is on an upward trend that will probablycontinue, despite the fact that the price has been gradually climbing since the beginning of the year. After beginning March at 30, its relative strength index is poised to break over 60, signalling an increase in purchasing activity.
Ethereum‘s 30-day moving averageis likewise not showing any signs of halting its rise versus the 200-day moving average, indicating that it will continue to increase in the coming days. Based on the current trend, ETH is projected to reach $1,900 in the near future, assuming the market does not encounter a severe shock.
Shanghai will permit the withdrawal of Ethereum deposited in staking (including staking rewards), which is expected to boost the Ethereum blockchain’s ascent since this upgrade completes the Merge process that began in September.
Some cryptocurrency analysts, however, believe that this event might result in a big increase in selling pressure, but this is a highly improbable conclusion. Actually, the Ethereum staking mechanism was built by the creators to limit the number of withdrawals that may be done in a single day.
