Ethereum is experiencing one of the most significant surges in the last two months. It reached levels it had not reached since April. It surged to a high of $3,400 but retraced following rejections at the mark.
It had a slow start to the day, as the 2-hour chart suggests that the climb to the most recent high is happening with the current candle. It bounced off the 50-day exponential moving average following a failed attempt to break it.
Nonetheless, the last two candles hint at the buildup to the surge milestone, as they both carried almost 2%. Afterward, it flipped three critical levels. It surged past the first pivot resistance and the second pivot resistance. It has resumed the uptrend and is heading for the third pivot resistance.
Amidst the readings from the 2-hour timeframe, fundamentals played a significant role in the latest rallies.
The ACT H.R.6572
The US Congress recently passed a bill giving crypto more space to grow in the nation. The House of Representatives recently voted on the “Deploying American Blockchains Act of 2023.”
The recent act redefined several aspects of blockchain and assigned the roles of maintenance and legislation in the space to its respective admins. The most recent bill is a big plus for several digital assets that rely on such technology.
