The price of Ethereum, the second-largest cryptocurrency, has surged above the $1,700 level on the Bitstamp exchange since June 10.
"Ethereum just flew right through resistance there," James Seyffart, research analyst within Bloomberg Intelligence commented.
As reported by U.Today, Bitcoin and other cryptocurrencies spiked after the U.S. Federal Reserve hiked interest rates by 75 basis points. The tech-heavy Nasdaq Composite stock index recorded its best day since April 2020 after Fed Chairman Powell’s relatively dovish comments cheered the market.
Notably, this was the biggest Fed-driven Nasdaq rally since former chairman Ben Bernanke slashed interest rates to nearly zero on Dec. 16, 2008, to jumpstart the economy in the wake of the global financial crisis (GFC).
Ethereum is also experiencing strong bullish momentum because of the merge event, which is expected to take place in September.