Ethereum’s price surged by 6.19% to $3,583 following the closure of the SEC’s investigation into ETH. The market responded positively, showing strong bullish sentiment towards ETH and alternative coins.
Today, global cryptocurrency markets experienced a slight recovery as Ethereum (ETH) spiked over 6% to surpass $3,500 after news of the SEC concluding its investigation into ETH sales. This bullish trend extended to Ethereum and other alternative coins.
Consensys Software, an Ethereum developer, confirmed in a blog post that the SEC’s Enforcement Division had completed its probe into Ethereum’s native token, Ether, indicating that it would not pursue charges related to ETH sales as securities transactions.
Despite a significant rally in the crypto market when Bitcoin (BTC) reached a new all-time high, Ethereum remains in a bearish trend. However, today, ETH saw a notable 6.19% increase from $3,374 to $3,583 in response to the news. Currently, ETH is trading at $3,534 with a market capitalization of $432 billion.
Technical analysis over the past 24 hours suggests that Ethereum’s recent price action has formed a bullish pattern, indicating the potential for a market trajectory reversal. The crucial level to monitor is $3,650, with a breakout above this point potentially pushing the price towards resistance levels at $3,800 and possibly as high as $4,200, setting the stage for an all-time high above $4,900.
Market analysts are optimistic about Ethereum’s future prospects, supported by strong technical indicators such as the 9-day exponential moving average (EMA) at $3,474 and a daily relative strength index (RSI) approaching neutral conditions at 51. However, caution is advised—a failure to maintain support above $3,300 could result in a retest of critical support levels at $3,150, potentially leading to further downside pressure and a drop below $3,000.
