Ethereum has seen a recent downturn, however the analyst believes that ETH is set for a stronger rise and has the potential to reach $6,600.
Price of Ethereum (ETH) has dropped sharply from weekly highs of over $3,600 to $3,374, but analysts believe the bearish period may be coming to an end following recent regulatory developments.
Famous cryptocurrency analyst, CrediBULL, expressed bullish sentiment towards ETH in a recent post on X. He noted that the second-largest asset’s recent price actions have given him confidence that The lower price range will not appear.
With developing PA, now confident enough to say I think the lower region from my original chart is out of play.
The SEC backing off $ETH is likely the nail in the coffin for bears here.
I think our green region here holds and $ETH looks good for new ATH. https://t.co/GA6aIc1MB9 pic.twitter.com/bHVfJMlcPB
— CrediBULL Crypto (@CredibleCrypto) June 19, 2024
CrediBULL has highlighted the significant impact of US Securities and Exchange Commission on easing oversight of Ethereum. Previously, Ethereum development team Consensys revealed that the SEC’s Enforcement Division had notified the end of investigation for Ethereum 2.0.
Accordingly, the SEC will not allege that the sale of ETH was stock trading. Rumors of this investigation emerged in late March, attracting significant criticism from the cryptocurrency community.
JUST IN: The SEC suspends investigation into Ethereum 2.0. $ETH is a commodity.
We won. 🥛 pic.twitter.com/NLy2vLzr1H
— Milk Road (@MilkRoadDaily) June 19, 2024
After the SEC approved spot Ethereum ETFs last month, ETH Consensys sent a letter to the regulator, asking to confirm the conclusion of the Ethereum 2.0 investigation. The agency responded and end of investigation.
This move to loosen regulations is considered an extremely important development for Ethereum and has the potential to end the pessimism surrounding ETH.
CrediBULL also provides probability predictions Ethereum hits $6,600 mark, if Bitcoin maintains its value above $62,000. He suggested that the low price of Ethereum in the past days could be a solid bottom before begins a significant price increase.
At the time of writing, thanks to the above positive developments, Ethereum’s price has increased by more than 3.65% over the past 24 hours and is trading for around $3,543.
Ethereum Price Prediction: Can ETH Hit $4K After SEC Decision?
