Ethereum’s price has risen four days in a row, and is now at its highest level since 3rd July.
ETH It has gained 20% since its low point of this month. Technical bull markets have begun. The Ether token’s price was driven by 3 key factors. The first is that there’s optimism Donald Trump, the crypto-friendly U.S. presidential candidate, will win in November.
The odds began to rise after the debate of two weeks and increased after that. survived an assasisnation attempt Over the weekend. Elon Musk and Bill Ackman are just two of the high-profile personalities who have publicly endorsed former President Bush.
Trump’s support of the crypto industry is seen as a positive by the community. Trump has sold NFTs in his capacity as an former president, disavowed Central Bank Digital Currencies(CBDCs), vowed that non-custodial Wallets would be protected.
Second, the likelihood of the Securities and Exchange Commission’s (SEC) approval of several ETFs that track specific markets is increasing. Analysts expect the SEC to approve several spot ETFs this week, as companies like VanEck Blackrock and Invesco already filed their final documents.
Ethereum is the second largest cryptocurrency in the market. As I said last week, however, investors are not happy with the current market. will have to pay a fee Ether holders are not eligible for stake-rewards.
Ether’s price is increasing as exchange volume drops. Supply dropped from over 16 billion to 16.76 millions, a new record. 32.5 million In July 2016, As the ETF is approved, Ethereum will become more scarce.
Balances of ETH in exchange
ETH prices also increased as open interest in futures continued to rise. CoinGlass’ data shows that open interest on Monday surpassed the previous month’s lowest of $11.66 Billion. Binance Bybit Bitget were the main participants in this open interest.
ETH open interest
Ethereum Price Finds Strong Support
ETH recovered after finding a solid support around $2.850 in this month. This level was important because it represented the low point of April 13th and may 1st this year. This was also an important level because it was just above the Fibonacci Retracement 50% point.
Traders expect the rally to continue, as the token has also flipped the 200-day Exponential Moving Average. The accumulation and distribution indicators have also continued to rise, signaling investors buying on the drop. The indicator is a good indication that investors are buying the dip. next The psychological level of $3,500 is a good place to start.
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Source: crypto.news