Ethereum's price movement today is largely driven by anticipation surrounding the upcoming Pectra upgrade and political developments in the United States. The Pectra upgrade, which aims to address Ethereum's scaling issues and improve transaction efficiency, has generated significant optimism among investors. This upgrade is expected to enhance Ethereum's consensus layer, paving the way for better interoperability between Layer 2 solutions and the mainnet. Additionally, market sentiment is buoyed by speculation that President-elect Donald Trump may sign an executive order related to cryptocurrency, potentially fostering a more favorable regulatory environment.
The recent settlement between the SEC and Abra over unregistered crypto lending products has also contributed to the positive market sentiment. This resolution is seen as a step towards regulatory clarity, which could benefit the broader crypto market. Furthermore, the election of pro-crypto Congressman Tom Emmer as Vice Chair of the Digital Assets Subcommittee has reinforced the belief that the new administration may adopt a more crypto-friendly stance. These developments, combined with Ethereum's strong long-term holding trends, as indicated by Glassnode's HODL Waves chart, suggest a bullish outlook for the cryptocurrency.
Ethereum's price has risen by 3.24% today, reaching $3,414.70, with a high of $3,435.90 and a low of $3,307.60.