Ethereum just broke above $1,700. What is happening?

Alex Dovbnya

Ethereum price broke above the $1,700 level for the first time since early June

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The price of Ethereum, the second largest cryptocurrency, has been above the $1,700 level on the Bitstamp exchange since June 10.

ETH
Picture by tradingview.com

“Ethereum just broke through resistance there,” commented James Seyffart, research analyst at Bloomberg Intelligence.

As reported by U.Today, Bitcoin and other cryptocurrencies soared after the US Federal Reserve raised interest rates by 75 basis points. The tech-heavy Nasdaq Composite stock index recorded its best day since April 2020 after relatively dovish comments from Fed Chairman Powell buoyed the market.

These include the biggest Fed-driven Nasdaq rally since former Chairman Ben Bernanke cut interest rates to near zero on December 16, 2008, to revive the economy in the wake of the crisis. Global Finance (GFC).

The Nasdaq is still up 2.67% on Thursday despite the recent GDP report showing the US economy contracted for the second straight quarter.

Ethereum is also seeing strong bullish momentum due to the merger event, which is expected to take place in September.

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