- Ethereum surged 6.19% to $3,583 after the SEC closed its investigation into ETH.
- The market reacted positively, showing strong bullish sentiment for ETH and altcoins.
The global cryptocurrency markets saw a slight recovery today as Ethereum (ETH) spiked over 6% to above $3,500 following news of the U.S. Securities and Exchange Commission (SEC) closing its investigation into ETH sales. This bullish trend extended across Ethereum and other altcoins.
Consensys Software, an Ethereum developer, confirmed in a blog post that the SEC’s Enforcement Division concluded its probe into Ethereum’s native token, Ether, indicating it will not pursue charges related to ETH sales as securities transactions.
Can Ethereum Recover to $4K?
Ethereum is trapped in a bearish trend despite a huge rally in the crypto market when Bitcoin (BTC) hit a new all-time high. However, today ETH displayed a notable 6.19% jump from $3,374 to $3,583 in response to the news. At the time of reporting, ETH is trading at $3,534 with a market capitalization of $432 billion.
The 24-hour technical analysis indicates that Ethereum’s recent price action has formed a bullish pattern, suggesting the potential for a reversal in its market trajectory. The current crucial level to watch is $3,650, with a breakout above this point potentially pushing the price towards resistance levels at $3,800 and even as high as $4,200. That will set a path towards an all-time high above $4,900.
Looking ahead, market analysts are optimistic about Ethereum’s prospects, buoyed by strong technical indicators such as the 9-day exponential moving average (EMA) currently at $3,474 and a daily relative strength index (RSI) nearing neutral conditions at 51.
However, caution remains there—a failure to maintain support above $3,300 could lead to a retest of critical support levels at $3,150. A level below this would trigger further downside pressure and a drop below $3,000.
