Ethereum price in the UK has spiked with recent developments. Before falling to $1,602 at press time today, Ethereum had earlier set a 24-hour high of $1,652.
The price of Ethereum is extremely unsteady and sensitive to important developments that can affect the market. The appointment of Rishi Sunak as the UK’s new Prime Minister is one of these events, along with new applications created on the Ethereum network, crucial announcements from businesses using Ethereum, and changes to policies.
The price of Ethereum has been noticeably declining for several months, but as of early last week, it seems to be trending upward. Its price rose above the descending channel pattern as it encountered critical support close to the $1,250 mark. The key negative trendline is being tested, and it looks like the price will break above it.
We’ll have to wait and see if this has anything to do with the UK’s new Prime Minister’s appointment, as speculated.
Future of Ether in the UK: Forces and projection
Lisa Cameron, the group chair of The Crypto and Digital Assets All Party Parliamentary Group (APPG), said on Tuesday that businesses in the UK “desperately need clarity” regarding the nation’s approach to crypto policy.
This occurs as the UK’s lower chamber, the House of Commons, decides to recognize cryptocurrency assets as regulated financial instruments and goods.
“UK crypto and digital asset enterprises sorely need clarity over the UK’s approach to crypto policy and for the government to deliver on its vision for the UK crypto sector,” Cameron stated in a written statement made available to the media on Tuesday.
This latest development is believed to have sparked investors’ optimism for cryptocurrencies and contributed to the steep increase in Ethereum price. The price is currently at almost £1,200, having increased by more than 2,000% from the year’s beginning.
The value of Ethereum is expected to increase by 8.37% and reach $1,703.62 by November 5, 2022, according to the current Ether price projection.
As a reminder, this is merely a forecast and not financial advice.
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