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Ethereum price rises to $1,500 as CFTC chairman declares BTC and ETH as commodities

  • Ethereum noted such bullishness for the first time in more than a month, rising by over 14%.
  • The push in prices helped ETH close above the short-term resistance line, flipping it into support.
  • CFTC chairman Rostin Behnam continues to label ETH as a commodity, while SEC sticks to calling it a security.

For the first time in weeks, the crypto market did well for itself, adding over $40 billion to market capitalization within 24 hours. Many cryptocurrencies joined the rally led by the king coin, Bitcoin, and altcoin king, Ethereum. Although along with the positive market moves, the two assets noted the bullish response from an interesting announcement as well.

Ethereum and Bitcoin are not securities

The chairman of the Commodity Futures Trading Commission (CFTC) declared this Tuesday that both Bitcoin and Ethereum are commodities. Upon being asked whether CFTC or Securities and Exchange Commission (SEC) would hold more power over either one of the other, CFTC chairman Rostin Behnam stated,

“It’s a pretty cynical view to suggest two agencies can’t figure it out and work together.”

He added, saying that in his belief, both the major cryptocurrencies BTC and ETH are commodities, but SEC chair Gary Gensler wouldn’t agree to the same. 

In the past, Gensler has also agreed with the notion of Bitcoin being a commodity but considers ETH and similar proof-of-stake consensus cryptocurrencies to be labeled securities. 

However, as the crypto regulation space in the United States develops, these differences could come to an end.

Ethereum takes a hike

While Ethereum’s classification may still be uncertain, its trajectory seems to be getting clearer. Over the last week, ETH’s price has seen a 14.62% rise, bringing the altcoin king to $1,489. On the four-hour time frame, this rise led to ETH breaching the month-long resistance level and closing above it.

ETH/USD 4-hour chart

The intra-day fluctuations on the daily chart noted ETH touched $1,500 at one point. However, this rise has now placed Ethereum closer to being overbought. On the Relative Strength Index (RSI), the area above 70.0 is a trend reversal trigger zone, and as long as ETH stays away from it, it can sustain this rise.

ETH/USD 1-day chart

Author

Aaryamann Shrivastava

Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.

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