Ethereum led the uptrend, after a period of investment apathy in the crypto market. Where Bitcoin has come to. What news from the UK caused excitement and what the technical signals are now showing.
Finally some action. After 6 weeks where the cryptocurrency space was dominated by a dull mood, at least as far as price fluctuations are concerned, yesterday afternoon the market erupted. It woke up from its slumber and started to move upwards.
Leading the upward current was Ethereum. It broke out of the narrow blue channel bounded by $1,260 to $1,380, as we can see in the 4-hour chart below. The end of the run was near $1,500, on the grey horizontal line.
That’s where the fuel ran out, but after a run of about $200 or 14% higher. To get above that resistance point it needed additional strength, which it found today, and as a result it traded at $1,550.
British Lawmakers
Yesterday’s move was prompted by British lawmakers who voted to recognize digital assets as regulated financial instruments and products. Specifically, they voted in the Financial Services Bill, the proposed amendment by MP and Minister for Financial Services and Cities, Andrew Griffith.
According to what Griffith argued, this will ensure that government agencies respond quickly and flexibly to developments. An important part of the regulations involves stablecoins, where Ethereum holds a dominant role. The Treasury will consult with people in the crypto space before imposing the regulations, the British politician continued. To become a law of the land, the bill must pass through the House of Lords and undergo another review. Then it will be signed by King Charles.
Ethereum Whale
At the same time an unusual move by an Ethereum “whale” occurred, which was inactive for 6 long years. It transferred 15,000 coins to a new address worth $20 million. I wonder if this is a coincidence or is something brewing?
Bitcoin also surpassed the $19,800 milestone, dragged down by developments in Britain. And it “stumbled” yesterday into resistance at $20,400, before breaking through the barrier today.
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