Ethereum Overcomes SEC Hurdle: Is a Price Recovery on the Horizo
Ethereum Overcomes SEC Hurdle: Is a Price Recovery on the Horizon
The Enforcement division of the SEC has notified of closing their investigation into Ethereum 2.0.
Ethereum price surged over 2.03% in Intraday and was exchanging hands close to $3552.
The 50 day Exponential moving average seemed to be acting as a dynamic support.
Ethereum price gained traction and surged over 2.03% following the announcement of SEC's conclusion of its investigation into Ethereum 2.0. The conclusion of SEC investigation marks a major in for ETH, confirming that sales of ETH are not considered as securities transactions.
The investors and community are rejoicing following the announcement by the SEC to close the investigation. The Ethereum price surged over 2.03% and was currently hovering close to $3551. Let's analyze whether ETH may continue to correct more or it might look to secure new heights in the upcoming sessions.
Ethereum Secures A Major Victory As SEC Concludes Investigation!
Ethereum has achieved a notable triumph as the Enforcement division of the U.S. securities and Exchange commission has announced the conclusion of its probe into Ethereum 2.0, according to a tweet by blockchain company Consensys.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">ETHEREUM SURVIVES THE SEC.<br><br>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. <br><br>This means that the SEC…</p>— Consensys (@Consensys) <a href="twitter.com/Consensys/status/1803230653120659641?ref_src=twsrc^tfw">June 19, 2024</a></blockquote> <script async src="platform.twitter.com/widgets.js" charset="utf-8"></script>
The SEC's resolution indicates that it will not pursue any allegations that ETH sales constitute securities transactions, as clarified by Consensys.
Whales Offloading Ethereum From Major Exchange!
As per a tweet by spot on chain on X, a significant Ethereum investor known as whale has transferred 16,604 ETH, worth over $58.6 million, out of Binance, averaging a price of $3,600 over the last 19 sessions.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">This big whale withdrew 16,604 <a href="twitter.com/search?q=$ETH&src=ctag&ref_src=twsrc^tfw">
ETH</a> (~58.6M) from <a href="twitter.com/hashtag/Binance?src=hash&ref_src=twsrc^tfw"> at an avg price of $3,600 in the past 19 days!<br><br>The whale’s last actions were to accumulate 5,603 <a href="twitter.com/search?q=$ETH&src=ctag&ref_src=twsrc^tfw">ETH</a> (19.7M) ~ 1hr ago, after the <a href="twitter.com/hashtag/SEC?src=hash&ref_src=twsrc^tfw"> permanently suspended their investigation into <a href="twitter.com/hashtag/Ethereum?src=hash&ref_src=twsrc^tfw"> <a href="twitter.com/spotonchain?ref_src=twsrc^tfw">@spotonchain</a> and… <a href="t.co/TYeLwLsWns">pic.twitter.com/TYeLwLsWns</a></p>&mdash Spot On Chain (@spotonchain) <a href="twitter.com/spotonchain/status/1803251312609599998?ref_src=twsrc^tfw">June 19, 2024</a></blockquote> <script async src="platform.twitter.com/widgets.js" charset="utf-8"></script>
Moreover, This investor's most recent activity involved acquiring an additional 5,603 ETH, totaling around $19.7 million, following the SEC's definitive suspension of its Ethereum inquiry.
Can Ethereum Reclaim Highs Again?
The daily chart reveals the Ethereum price turning around from the lows after the SEC suspended their investigation. it might be interesting to note whether the ETH price receives a follow through or not.
The 50 day EMA has been actively working as a dynamic support and trying to retain the price above it. Now, if the bullish bias follows through in the upcoming sessions and the ETH is above the $3705 mark, it may indicate a bullish reversal in the short term.
On the higher side, ETH investors may target a $4089 level flowing the end of a correction phase above the $3700 level. On the flip side, if the bears make a comeback and the price looms below the $3468, it may head for a correction again.
Conclusion.
Ethereum price surged over 2.03% after the SEC concluded its Ethereum 2.0 investigation, affirming ETH sales aren't securities transactions. This conclusion by SEC has rejoiced the community, developers and investors.
Moreover, The daily chart shows Ethereum rebounding post-SEC decision, with potential for further momentum. The 50-day EMA is providing support, suggesting a bullish reversal if prices stay above $3705. furthermore, if the price surpasses the $3700, it could attain targets near $4089. On the other side, a drop below $3468 might signal another correction.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
The Enforcement division of the SEC has notified of closing their investigation into Ethereum 2.0.
Ethereum price surged over 2.03% in Intraday and was exchanging hands close to $3552.
The 50 day Exponential moving average seemed to be acting as a dynamic support.
Ethereum price gained traction and surged over 2.03% following the announcement of SEC's conclusion of its investigation into Ethereum 2.0. The conclusion of SEC investigation marks a major in for ETH, confirming that sales of ETH are not considered as securities transactions.
The investors and community are rejoicing following the announcement by the SEC to close the investigation. The Ethereum price surged over 2.03% and was currently hovering close to $3551. Let's analyze whether ETH may continue to correct more or it might look to secure new heights in the upcoming sessions.
Ethereum Secures A Major Victory As SEC Concludes Investigation!
Ethereum has achieved a notable triumph as the Enforcement division of the U.S. securities and Exchange commission has announced the conclusion of its probe into Ethereum 2.0, according to a tweet by blockchain company Consensys.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">ETHEREUM SURVIVES THE SEC.<br><br>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. <br><br>This means that the SEC…</p>— Consensys (@Consensys) <a href="twitter.com/Consensys/status/1803230653120659641?ref_src=twsrc^tfw">June 19, 2024</a></blockquote> <script async src="platform.twitter.com/widgets.js" charset="utf-8"></script>
The SEC's resolution indicates that it will not pursue any allegations that ETH sales constitute securities transactions, as clarified by Consensys.
Whales Offloading Ethereum From Major Exchange!
As per a tweet by spot on chain on X, a significant Ethereum investor known as whale has transferred 16,604 ETH, worth over $58.6 million, out of Binance, averaging a price of $3,600 over the last 19 sessions.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">This big whale withdrew 16,604 <a href="twitter.com/search?q=$ETH&src=ctag&ref_src=twsrc^tfw">
ETH</a> (~58.6M) from <a href="twitter.com/hashtag/Binance?src=hash&ref_src=twsrc^tfw"> at an avg price of $3,600 in the past 19 days!<br><br>The whale’s last actions were to accumulate 5,603 <a href="twitter.com/search?q=$ETH&src=ctag&ref_src=twsrc^tfw">ETH</a> (19.7M) ~ 1hr ago, after the <a href="twitter.com/hashtag/SEC?src=hash&ref_src=twsrc^tfw"> permanently suspended their investigation into <a href="twitter.com/hashtag/Ethereum?src=hash&ref_src=twsrc^tfw"> <a href="twitter.com/spotonchain?ref_src=twsrc^tfw">@spotonchain</a> and… <a href="t.co/TYeLwLsWns">pic.twitter.com/TYeLwLsWns</a></p>&mdash Spot On Chain (@spotonchain) <a href="twitter.com/spotonchain/status/1803251312609599998?ref_src=twsrc^tfw">June 19, 2024</a></blockquote> <script async src="platform.twitter.com/widgets.js" charset="utf-8"></script>Moreover, This investor's most recent activity involved acquiring an additional 5,603 ETH, totaling around $19.7 million, following the SEC's definitive suspension of its Ethereum inquiry.
Can Ethereum Reclaim Highs Again?
The daily chart reveals the Ethereum price turning around from the lows after the SEC suspended their investigation. it might be interesting to note whether the ETH price receives a follow through or not.
The 50 day EMA has been actively working as a dynamic support and trying to retain the price above it. Now, if the bullish bias follows through in the upcoming sessions and the ETH is above the $3705 mark, it may indicate a bullish reversal in the short term.
On the higher side, ETH investors may target a $4089 level flowing the end of a correction phase above the $3700 level. On the flip side, if the bears make a comeback and the price looms below the $3468, it may head for a correction again.
Conclusion.
Ethereum price surged over 2.03% after the SEC concluded its Ethereum 2.0 investigation, affirming ETH sales aren't securities transactions. This conclusion by SEC has rejoiced the community, developers and investors.
Moreover, The daily chart shows Ethereum rebounding post-SEC decision, with potential for further momentum. The 50-day EMA is providing support, suggesting a bullish reversal if prices stay above $3705. furthermore, if the price surpasses the $3700, it could attain targets near $4089. On the other side, a drop below $3468 might signal another correction.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
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