Ethereum (ETH) Surges 4.5% amid SEC’s Decision to End Investigation

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• The native token of the Ethereum platform, Ether (ETH), has seen a notable increase of approximately 4.5% in the past 24 hours.
• This surge is primarily attributed to encouraging news surrounding the conclusion of the SEC’s investigation into Ethereum.
• Ethereum’s development firm, ConsenSys, announced on June 19 that the SEC’s Enforcement Division has closed its inquiry into Ethereum 2.0.

Explore the latest developments in Ethereum, soaring 4.5% as regulatory clouds clear and investment opportunities rise. Don’t miss out on the crypto market insights!

SEC Ends Investigation into Ethereum

ConsenSys, the prominent Ethereum developer, conveyed in a recent statement that the SEC’s investigation into Ethereum 2.0 has been officially concluded. This development is regarded as a significant win within the blockchain community.

Implications for Major Wall Street Firms

The SEC’s closure of the Ethereum inquiry coincides with its approval of spot Ether ETF applications from major Wall Street firms such as VanEck, BlackRock, and Fidelity. Bloomberg analyst Eric Balchunas predicts that Ether ETFs might start trading as early as July 2, a sentiment that has further fueled market optimism.

Ethereum Supply Crunch on Crypto Exchanges

According to Glassnode, the volume of Ether held on crypto exchanges has plummeted to 12.20 million ETH as of June 18, marking the lowest level since July 2016. This trend indicates a shift towards private wallets and decentralized protocols, reflecting reduced selling pressure and a more bullish outlook among investors.

ETH Price Bounces Back from Critical Support

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ETH tested the critical support level around $3,500 today, bouncing back robustly. This level aligns with the 50-day exponential moving average (EMA), the 0.5 Fibonacci retracement, and the lower trendline of a rising channel, indicating strong technical support.

Conclusion

The Ethereum market is currently experiencing an upward momentum, buoyed by favorable regulatory news and growing interest from institutional investors. As Ether ETFs are set to launch, the market may witness significant inflows, potentially driving further price increases. Investors should continue to stay informed and perform thorough due diligence before making any investment decisions.