Ethereum is up by over 2% in the last 24 hours. The coin is seeing the first of what many expect to be a continual uptrend that will send it above $3,700.
It marks a recovery from the previous day’s decline that saw it retrace to a low of $3,351 after briefly breaking the $3,400 support. A closer look at the candle suggests a descending pattern as the asset continues to hit new lows. Nonetheless, the asset closed the previous session at $3,482.
Amidst reclaiming the $3,400, it failed to climb above its pivot point at $3,515. The climb happened a few hours ago, as the coin attempted $3,600 but failed due to massive rejections at $3,585.
News of the SEC’s withdrawal from the case against Ethereum brought faith back to the community. The United States Security and Exchange Commission Withdrew its petition against the second-largest cryptocurrency, seeking to label it a security. The formal retracement serves as evidence that the asset is not a security but a commodity and will not be under any form of scrutiny from the SEC.
The most recent price improvement is evidence of how the crypto community celebrates every victory against oppressors.
