While other crypto assets continue to stagnate, Ethereum (ETH) appears to be changing its pace. The second-largest cryptocurrency by market capitalization is up 3.1% in the daily chart, 1.3% in the weekly chart and more than 14% over the last month. ETH price continues to be in the red on the 14-day chart, down 6.5% over the past two weeks.
ETH’s latest trend reversal could be due to the US Securities and Exchange Commission permanently suspending its investigation into the project.
ETH developer Consensys Software Inc. went to told us that they are concluding their investigation into Ethereum 2.0. This means that the SEC will not allege that the sale of ETH is a securities transaction.
Can Ethereum (ETH) regain $4,000 after SEC decision?
Although ETH appears to be slowly recovering, the larger cryptocurrency market remains stagnant. Bitcoin (BTC) continues to trade at around $65,500, down 3% over the past seven days. It is highly unlikely that ETH would increase in price without the support of BTC. BTC is the market leader and other assets often follow its trajectory.
Researchers at CoinCodex believe that Ethereum (ETH) will consolidate at current price levels in the coming weeks. The platform predicts ETH will trade at $3,533 on Sunday, June 23, 2024.
The US SEC also approved an Ethereum Exchange Traded Fund (ETF) earlier this year. The ETFs and the revocation of the SEC investigation together have the potential to push ETH price above $4,000 but will also need the larger market to recover.
