Can Ethereum (ETH) stay above $3,500 after SEC case dropped?
Crypto markets were boosted by news that the U.S. Securities and Exchange Commission (SEC) had permanently dropped its case against Ethereum on Wednesday. The news sparked a small rally in altcoins, with Bitcoin (BTC) price recovering steadily to $65,000 today.
Ethereum (ETH) surged 3.5% after the announcement, breaking above the key price level of $35,000, which is a critical support level. The $35,000 mark is significant as ETH price often sees an uptrend after hitting this area.
For ETH, $3,500 is a safe zone for bulls.
Ethereum price remains strong above $3,500 and the long-term 50-day and 200-day SMAs, but below the 20-day SMA, indicating a short-term bullish reversal.
On the downside, if the 35K area is lost, Ethereum will find strong support at $3432 and $3361. On the upside, the cryptocurrency will face resistance at $3654. A break above this level will send Ethereum prices down towards the resistance at $3720, which will further push it to easily soar to $3750.
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