Ethereum saw a rise, surpassing the $3,400 barrier, as markets reacted to the political waves leading up to the inauguration of the president.

After struggling for a week, from January 11 to 17, Ethereum was released (Ethereum) broke the downward move, clearing the recent resistance level at $3,400 and is currently trading at $3,406.72 at the time of writing.

This optimism in the market is due to speculation that President-elect Donald Trump will sign an agreement Executive order related to cryptocurrencies when he takes office on January 20.

Discussions are also underway for this to include a directive to all federal agencies to review their cryptocurrency policies as well as the possibility of suspending ongoing lawsuits against industry giants.

Anticipating a change in leadership, the SEC decided to settle The lesson Yesterday regarding unregistered cryptocurrency lending products. This has led to a positive movement for the entire cryptocurrency market, which has seen a 3.54% rise over the past 24 hours, according to CoinMarketCap.

Trump's pro-crypto stance was further strengthened by the news that a pro-crypto congressman Tom Emmer He was elected Vice-Chair of the Digital Assets Subcommittee on January 15.

Another factor that led to the rise of ETH was the announcement of the coming of ETH Pectra upgrade It will be launched at Execution Layer 203 meeting. The Pectra upgrade is eagerly awaited as a solution to some of the most challenging issues facing Ethereum.

Over the years, Ethereum has faced congestion and high gas fees. The Pectra upgrade aims to upgrade the consensus layer and enhance transaction speed and efficiency while creating the foundation for seamless interoperability between Layer 2 solutions and the mainnet, which is especially critical for the future of blockchain expansion.

Ethereum price may rise further

According to the Moving Average Convergence-Convergence (MACD) chart, ETH is providing buy signals, meaning that, at least in the near term, some bullish momentum can be expected in price increases.

The MACD indicator measures changes in momentum, indicating potential price trends, while HODL waves reflect long-term holding behavior. Combined, they give insight into future price movements.

The holding wave, HODL, expresses strong long-term holding sentiment while holding a large supply of ETH for more than twelve months, showing lasting investor confidence and reducing short-term selling pressure. These remarkable events indicate that ETH is a likely candidate for a potential price rise. However, Ethereum prices may witness slight fluctuations as the market absorbs these developments.