While other assets continue to stagnate, Ethereum (ETH) seems to be changing its stride. The second-largest crypto by market cap has rallied 3.1% in the daily charts, 1.3% in the weekly charts, and more than 14% over the previous month. ETH’s price continues to be in the red in the 14-day chart, falling 6.5% in the last two weeks.
ETH’s latest trend reversal is likely due to the US Securities and Exchange Commission permanently suspending its investigation into the project.
Also Read: SEC Permanently Suspends Investigation Into Ethereum
ETH developer Consensys Software Inc. took to X and stated, “Today we’re happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0. This means that the SEC will not bring charges alleging that sales of ETH are securities transactions.“
Can Ethereum (ETH) reclaim $4,000 after the SEC’s decision?
Although ETH seems to slowly recover, the larger crypto market is still stagnating. Bitcoin (BTC) continues to trade at around $65,500, down by 3% in the last seven days. It is highly unlikely that ETH will rally without BTC’s support. BTC is the market leader and other assets usually follow its trajectory.
Also Read: Hashdex Files Joint Spot Bitcoin & Ethereum ETF With the SEC
Researchers at CoinCodex believe Ethereum (ETH) will consolidate at around its current price for the next couple of weeks. The platform predicts ETH to trade at $3,533,39 on Sunday, June 23, 2024.
The US SEC also approved Ethereum Exchange Traded Funds (ETFs) earlier this year. The ETFs and the dropping of the SEC investigation together have the potential to push ETH’s price north of $4,000 but will need the larger market to rally as well.