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Ethereum Eyes $3,700 as Fundamentals Could Spark New Run


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.

Gideon Geoffery