|

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.

More from Aaryamann Shrivastava
Share:

Editor's Picks

Ripple and Stellar outlook: XRP rally cools, XLM heads toward a make-or-break support

Ripple and Stellar trade under pressure after losing over 2% and 3% so far this week. XRP and XLM are both nearing their crucial support zones, which could determine the next directional move. Meanwhile, mixed derivatives and on-chain data suggest upside potential remains limited for both altcoins. CryptoQuant’s summary data shows cautious signs for both altcoins.

Crypto Overview: Bitcoin dips below $78,000 – NEAR, ZEC sustain gains

Bitcoin trades below $78,000 maintaining a near-term corrective tone amid hawkish macroeconomic factors. US bond market shrugs off the US Treasury's increase in buyback operations to $6 billion in long-term debt as yields continue to rise, signaling an insufficient step amid the ongoing war with Iran.

Bitcoin outperforms global assets as $83K-$86K resistance zone continues to weigh on rally

Bitcoin has continued to recover from its mid-year weakness, outperforming major traditional assets over the past month, amid strong resistance around the $83,000 to $86,000 range. BTC gained 23% over the past 21 trading sessions, while the S&P 500 and Nasdaq 100 were broadly flat and the Euro Stoxx 50 declined, according to a Glassnode report published Wednesday.

Ethereum Price Forecast: ETH holds near $2,500 amid derivatives weakness
Ethereum (ETH) holds steady near $2,500 on Wednesday amid weakness in derivatives and mild buying dominance in spot markets. Since the short squeeze that expanded ETH's rally toward $2,500 in late August, meaningful leverage has yet to return to support the uptrend.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.