• CFTC Chairman Rostin Behman recently reaffirmed that Ethereum should be regarded as a commodity.
• ETH has benefited from this news, gaining 11% in the past 30 days and 52% since the beginning of the year.
• ETH’s indicators suggest that its current rally could reach $1,900 in the near future, although further regulatory shocks could affect its performance.
CFTC Reaffirms Ethereum is Commodity
The US Commodity Futures Trading Commission (CFTC) Chairman Rostin Behman recently reaffirmed his view that Ethereum should be classified as a commodity. This statement has served to highlight the relative safety of investing in ETH and given it a much-needed boost; ETH is now up by 11% in the last 30 days and by 52% since the beginning of the year.
ETH Indicators Look Positive
ETH’s indicators continue to look positive, with its relative strength index (purple) on the verge of passing 60 – signaling rising buying momentum. Moreover, ETH’s 30-day moving average (red) shows no immediate sign of stopping its ascent relative to the 200-day average (blue). This suggests that there is still potential for further gains in the near future.
Ethereum Price Prediction
Based on its current momentum alone, analysts believe that ETH has every chance of reaching $1,900 in the short term – providing that there are no further regulatory shocks to shake up investor confidence. The upcoming Shanghai upgrade could also help propel Ethereum higher if institutions start engaging in staking activities with it.
Regulatory Risks Remain
Despite CFTC’s bullish stance on Ethereum, exchanges and token issuers are still facing legal action from regulators such as SEC and CFTC respectively. Therefore investors should take into consideration these risks before making any investment decision regarding Etherum or other cryptocurrencies.
Despite some regulatory uncertainty surrounding cryptocurrencies, Ethereum continues to benefit from strong fundamentals and a bullish outlook from regulators such as CFTC chairman Rostin Behman. With an upcoming upgrade likely to boost demand even further, investors may want to consider taking advantage of this current surge while it lasts.