Ethereum Price Prediction as CFTC Chief Behnam Again Calls ETH a Commodity – Can ETH Overtake Bitcoin?
The price of Ethereum has gained by 5.5% in the past 24 hours, on a day when the cryptocurrency market appears to have shaken off the jitters caused by the CFTC charging Binance with a variety of compliance violations.
ETH is now up by 11% in the last 30 days and by 52% since the beginning of the year, with the coin helped by the news that CFTC Chairman Rostin Behman yesterday reaffirmed his view that it should be regarded as a commodity.
At a time when exchanges -- and some token issuers -- are facing legal action, this statement from the CFTC's head has served to highlight the relative safety of investing in ETH, with the token's rock-solid- fundamentals also helping it to beat most of the top 100 in the past few weeks and months.
And with the Shanghai upgrade due on April 12, it could witness further gains in the near (and distant) future, with institutions potentially lining up to engage in ETH staking.
ETH's indicators continue to suggest that the coin's current rally still has some gas left in the tank, even if it has been rising steadily for much of the year (so far).
Having opened March close to 30, its relative strength index (purple) is about to pass 60, signalling rising buying momentum.
ETH's 30-day moving average (red) also shows no immediate sign of stopping its ascent relative to the 200-day average (blue), something which bodes well for further gains in the coming days.
Indeed, based on its current momentum alone, ETH has every chance of reaching $1,900 in the near future, providing the market doesn't receive any further regulatory shocks.
This, however, is a real possibility at the moment, what with Coinbase facing likely legal action from the SEC and the aforementioned move by the CFTC to charge Binance with a
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