Ethereum (ETH) experienced a 3% gain following an agreement between Donald Trump and Vladimir Putin to start negotiations to end the Russian-Ukraine war. This helped ETH and the broader crypto market recover from a decline caused by inflation concerns. However, the release of the US Consumer Price Index (CPI) data for January initially caused a decline in Ethereum. The rebound came after Trump's announcement of the agreement. Investment bank Goldman Sachs revealed a significant increase in its spot Ethereum exchange-traded fund (ETF) holdings. The filing also showed increased holdings of Bitcoin ETFs. Following Goldman's filing, World Liberty Financial, affiliated with Trump, purchased $5 million worth of ETH. Ethereum experienced futures liquidations in the past 24 hours. The short-term outlook for ETH depends on its ability to recover key support levels and potential resistance near $2,817 to $3,000. The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) indicate bearish momentum, but a crossover on the Stoch could signal a recovery for ETH. A firm close below $2,200 would invalidate the bullish thesis.



Other News from Today