Ethereum has shown impressive results over the last quarter, alongside notable changes in the assets held by the U.S. government.
Ethereum: Quarterly Swings
Ethereum went through three distinct phases over the past year. In one quarter, the ETH price dropped over 45%. In the following quarter, the token recovered around 36%. The most recent quarter saw a gain of over 70%, marking the strongest result since early 2021. Data shows that such sharp movements remain characteristic of Ethereum, reflecting the market's maturity.
Testing Key Resistance
The ETH price traded near a crucial range between $4,000 and $4,700, identified by analysts as an important support area. A breakout above this zone may lead to a potential move towards $7,500 to $8,000. However, if the price fails to overcome resistance, a pullback to around $3,500 support remains possible.
Increase in U.S. Government Holdings
Recent data revealed that U.S. government holdings of Ethereum increased to over $281 million. This was linked to the acquisition of 76.56 ETH related to the Uranium Finance case. While the new amount appears modest, it highlights the growing involvement of authorities in digital assets.
The future of Ethereum hinges on its performance around key price ranges, especially in the upcoming weeks. Volatility is expected to continue, and the government's role in managing digital assets will become a crucial aspect of the market.
