Aaryamann Shrivastava
FXStreet
- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Blur price likely to extend losses to 42% as whale investors dump BLUR tokens
Blur price rallied 352% in just 43 days between October 12 and November 24, which propelled it to create a local top at $0.685. While this move is impressive, BLUR has already shed 26% and trades at $0.502. A minor pullback is likely before the altcoin drops even lower.
Charles Hoskinson says, “There was no Cardano ICO”; argues Bitcoin is not decentralized
Cardano is known as the third-generation cryptocurrency and, at times, even the "Ethereum killer" but never as “not a security”. For that matter, the Securities and Exchange Commission, to date, has only named Bitcoin as "not a security," and XRP partially won that label following its lawsuit win.
Terra Classic price recovery rally hiccups as LUNC meets key barrier amid USTC related hype
Terra Classic is on a recovery rally, ploughing back to recover the ground lost after a steep fall as the price action consolidated within a descending parallel channel. The $0.00005234 support floor came into play, providing the launchpad for a recovery.
YGG price remains stable despite $6.05 million worth of tokens entering the market
YGG price was expected to take a hit on November 27 in lieu of the token unlock event that took place during the day. Interestingly, this was not the case as the altcoin managed to not only deflect damage but also retain investors’ profits.
Three key BTC accumulation levels before ETF approval in January 2024
Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.