Ethereum prices are up by two per cent in today’s trading session. The current surge has erased yesterday’s bearish move that saw the crypto drop by a percentage point. The current gain is also a continuation of a bullish move that started on February 24, 2022, that has seen the cryptocurrency price rise by more than 35 per cent. However, today’s Ethereum prices are still down by 15 per cent year to date prices.
In 2022, Ethereum and other cryptocurrencies have become increasingly scrutinised by governments worldwide. In the US, Treasury Secretary Janet Yellen has continued to call for cryptocurrency regulation. Recently, Yellen has become vocal about her intention to implement tougher regulations for the industry.
The calls have been done to protect consumers from fraud regardless of whether assets are stored on a balance sheet or distributed ledger. Money laundering and other illegal online activities. These proposals are likely to impact Ethereum’s dominance in the cryptocurrency market and affect its growth.
The chart below shows a strong bullish move in today’s trading session. The prices have also recently hit an ascending trend line, where they have failed to break to the downside, resulting in a bullish move. The chart also shows that the Williams alligator and the RSI indicator are showing signs of a trend reversal.
Ethereum is currently trading at $3165, an increase of over two percent in today’s trading session. The prices have recently entered a bullish trend that is looking likely to continue based on the chart below. Therefore, I expect Ethereum to close today’s trading session with a gain higher than the current two per cent.
I also expect the continuation of the bullish trend in the coming days. There is a high likelihood that the prices will hit the $3259 resistance Cleveland possibly trade above it. If Ethereum ends up trading above the support level, then the likelihood of the prices trading above $3,500 in the coming days is high.
This post was last modified on Apr 21, 2022, 17:16 BST 17:16