by Ethereum price is up today after the biggest altcoin holds above a key support zone and analysts remain optimistic about Ether’s upside.
Ethereum’s native token, Ether
ETH
$3,151
is up 7.51% over the last few days, reaching an intraday high of $3,421 on Jan. 24. It also recovered back above its 100-day SMA level on the daily chart after breaking below it last week.
Ether price move mirrors marketwide recovery
ETH’s price rise on Jan. 23 mirrors the bullish sentiment in the market that has seen crypto prices recover across the board.
Bitcoin
BTC
$102,172
has risen more than 2.6% over the last 24 hours to trade above $105,000. Other major altcoins such as XRP
XRP
$3.16
and Solana
SOL
$233.26
rose by 1% and 6%, respectively.
The largest gains among the top-cap cryptocurrencies were posted by the 11th-ranked Chainlink
LINK
$23.44
, which is up 8% on the day.
Similarly, the total crypto market cap has increased by 3% over the last 24 hours to rest at $3.63 trillion at the time of publication.
This performance comes from general positive sentiment in the cryptocurrency market after the US President finally issued a crypto-related executive order on Jan. 23 aimed at “strengthening American leadership in digital financial technology.”
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership.”
Firstly, it establishes a working group to propose new digital asset regulations and explore the creation of a national “digital asset stockpile.”
It has also paved the way for the Securities and Exchange Commission to cancel the controversial crypto accounting rule SAB 121 that required financial firms holding crypto to record them as liabilities on their balance sheets.
The immediate effect of this news has been a boost in market confidence, as investors interpret this move as a signal of government support for cryptocurrencies, including Ethereum.
“Today, President Trump officially signed the first pro-crypto Executive Orders in US history,” said capital markets commentator The Kobeissi Letter, adding it fulfills some of the promises Trump made while on the campaign trail.
Trump’s executive order is “game-changing,” said Danrocky, an advocate of the Web3 industry, adding that it will completely reshape the US crypto industry.
“This isn’t just another regulation – it’s a complete reversal protecting people in the US, fostering financial freedom while positioning America to dominate the digital economy.”
Ether price boosted by high ETF inflows
Adding to Ether’s bullish momentum on Jan. 24 is the significant inflows into US-based spot Ethereum exchange-traded funds (ETFs) over the last couple of weeks.
