Brothers, last night the price of Ethereum ($ETH ) surged from $1811 to $1869, catching everyone off guard. The surge in Ethereum last night may be the result of multiple factors working together.
First, the expectation of interest rate cuts by the Federal Reserve has always had a significant impact on the cryptocurrency market. Although Goldman Sachs has postponed the Fed's interest rate cut expectation to July, the market still anticipates a rate cut. Once the expectation of rate cuts strengthens, there may be more funds flowing into the cryptocurrency market. This potential influx of funds may provide upward momentum for the price of Ethereum.
Second, market sentiment and capital flows are also key factors. Recently, Bitcoin's performance has been relatively strong, which may have boosted overall market sentiment. With Bitcoin's rise leading the way, other cryptocurrencies like Ethereum are also likely to benefit. Additionally, last night Ethereum's price broke through the key resistance level of $1850, which may have triggered a follow-up buying sentiment in the market, further pushing the price upward.
Finally, increased on-chain activity and improved technical indicators may also impact the price. Increased activity on the Ethereum network, such as rising trading volume and growing DeFi locked value, can enhance market confidence in Bitcoin, thereby driving up prices. At the same time, improvements in technical indicators, such as MACD golden cross and RSI overbought conditions, also provide entry signals for traders, attracting more funds.
Overall, the surge in Ethereum last night is the result of multiple factors working together. However, market trends are ever-changing, and everyone should remain cautious, manage risks effectively, and wish everyone good luck!
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