Crypto Market Reacts to SEC’s Case Closure Against Ethereum
On Wednesday, the crypto market surged following the US Securities Exchange Commission’s decision to permanently drop its case against Ethereum. This news triggered a modest uptick in altcoins, and Bitcoin (BTC) managed to reclaim $65,000 with a steady ascent.
Ethereum (ETH) Surges 3.5% Above $3.5K
Ethereum spiked by 3.5% in response to the announcement, surpassing the crucial $3,500 mark, which serves as a significant support level. Historically, Ethereum has shown strong upward movements once it surpasses this zone.
$3,500: A Safe Zone for Bulls
ETH price maintains strength above $3,500 and crucial long-term SMAs (50-day and 200-day), but remains below the short-term 20-day SMA, indicating a potential short-term bullish reversal.
Support and Resistance Levels
On the downside, if the $3,500 level is breached, Ethereum has strong support at $3,432 and $3,361. Upside resistance is anticipated at $3,654, with a breakthrough potentially pushing ETH towards $3,720 and $3,750.
Bollinger Bands Analysis
Analyzing ETH price within Bollinger Bands reveals steady movement with neutral volatility, centered around $35,000. Expansion of the bands suggests stable market conditions.
Awesome Oscillator Insights
The Awesome Oscillator (AO) indicates bearish momentum as it currently resides below zero, though recent trends show three consecutive green candles approaching the zero line, suggesting potential bullish momentum.
Further Outlook: Potential Declines for ETH
Should Ethereum’s price fall below $3,500, it may retest this level. Strong supportzones are identified nearby in case of bearish control.
Current Technical Indicators
Technical indicators show RSI at 51.97, indicating a neutral zone, while the MACD shows momentum along the trend line, gaining strength
