Ethereum Price Surges on SEC and Treasury Developments

The Ethereum price has surged by nearly 30% in the past week following positive regulatory developments from the US Securities and Exchange Commission (SEC) and the Treasury Department.

Data from CoinGlass shows that liquidations spiked to $4.6 billion in the last three days, with August 18 being the 8th largest day in terms of liquidations on record.

Ethereum broke past two key resistances, the 200-day exponential moving average (EMA) at around $2,200 and a horizontal supply area at $2,400, as a result of these tailwinds.

The 200-day EMA breakout provides technical evidence that this bear market is over and a bull market for ETH is about to begin. On-chain data and trading volumes support this view.