What factors have led to the encouraging rise of BTC and ETH? How high will they rise next?

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Deng Tong, Jinse Finance

This morning, BTC and ETH both rose significantly. According to CoinGecko data, BTC price reached a high of $110,266.

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ETH price reached a high of $2,705.80.

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What is driving the rise of BTC and ETH? What factors are currently influencing the crypto market? How high will BTC and ETH go?

I. New Developments in China-US Trade: US Considers Lifting Export Controls in Exchange for China's Rare Earth Export Relaxation

On Monday afternoon, the first meeting of the China-US economic and trade consultation mechanism was held in London, UK.

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Will ETH Rise Above $3,600?

Currently, ETH price has returned to above the midline of the Gaussian channel (a dynamic market trend indicator). The Gaussian channel or normal distribution channel plots price fluctuations within a dynamic range to adapt to market volatility.

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Ethereum Gaussian channel analysis.

Historically, when Ethereum breaks through the midline of the Gaussian channel, a rebound occurs. For example, in 2023, ETH surged 93% to $4,000 after breaking through the midline; in 2020, ETH skyrocketed 1,820%.

As ETH stabilizes above the key indicator of $2,570, technical analysis predicts that if the momentum continues, ETH could rise to between $3,100 and $3,600, thanks to the channel's historical accuracy in predicting short-term gains.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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