Ethereum (ETH) is gaining in momentum, while other assets are stagnating. The market-cap second-largest cryptocurrency has moved up 3.1% on the daily charts and 1.3% on the weekly charts. It also gained over 14% in comparison to the prior month. ETH price is still in red on the chart for the next 14 days, with a drop of 6.5% within the last 2 weeks.
This latest trend reversal in ETH could be due to US Securities and Exchange Commission suspending their investigation of the project.
Also Read: SEC Permanently Suspends Investigation Into Ethereum
ETH developer Consensys Software Inc. stated on X, “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.“
Ethereum (ETH), can you reclaim the $4,000 following SEC decision?
Although ETH appears to be slowly recovering, the overall crypto market remains stagnant. Bitcoin (BTC) is still trading at about $65,500. This represents a 3% drop in the past week. It is unlikely that ETH can rally on its own without BTC. BTC leads the market and most assets follow suit.
Also Read: Hashdex Files Joint Spot Bitcoin & Ethereum ETF With the SEC
CoinCodex researchers believe Ethereum’s (ETH) price will remain at its current level for the next few years. next Couple of weeks. Platform predicts ETH will trade at $3.533,39 by Sunday, June 23rd, 2024.
In the same year, US SEC approved Ethereum Exchange Traded Funds. Both the ETFs as well as the SEC’s decision to drop the investigation have the ability to drive ETH above $4,000, but the entire market must also rally.
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Source: watcher.guru