Ethereum (ETH), on the other hand, seems to be gaining momentum. The market-cap second largest cryptocurrency has rallied more than 14% in the past month. ETH continues to fall in price on the 14-day chart. It has fallen 6.5% over the past two weeks.
The US Securities and Exchange Commission has permanently suspended its investigation of the project, which is the likely cause for the recent trend reversal in ETH.
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 reclaim $4000 after SEC ruling?
The larger crypto market has not recovered, despite ETH’s apparent slow recovery. 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 has always been the leader of the market, and all other assets tend to follow.
Also Read: Hashdex Files Joint Spot Bitcoin & Ethereum ETF With the SEC
CoinCodex researchers believe Ethereum (ETH), will consolidate around its current value for the next two weeks. Platform predicts ETH will trade at $3.533,39 by Sunday, June 23rd, 2024.
The US SEC has also approved Ethereum Exchange Traded Funds in the past year. Together, the ETFs and dropping the SEC investigation could push ETH to a price of $4,000. However, the market will also need to rise.
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Source: watcher.guru
