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US politicians appear to be in a battle to prove who is more pro-crypto.
The SEC did an about-face on an Ethereum ETF and now Trump has flip-flopped into a pro-crypto stance. With votes to earn here and margins small, it looks like they will be after this voting bloc until November.
Next stop for ETH is $4000 but that will be a formidable challenge given the March highs at $4093. With the ETFs approved, the next catalyst will be the open of trading. Note that for bitcoin, the start of trading marked a short-term top and a sell-the-fact trade that led to a 20% drop.
That said, there is plenty of time for momentum to build as it will take weeks (or even months) before ethereum ETFs can begin trading.
This article was written by Adam Button at www.forexlive.com.
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