Following the conclusion of the SEC’s investigation into Ethereum, the cryptocurrency market experienced a positive surge, with Ethereum (ETH) rising by 6.19% to $3,583. This news brought about a strong bullish sentiment not only for ETH but also for other altcoins.
Consensys Software, a prominent Ethereum developer, confirmed in a recent blog post that the SEC’s Enforcement Division has decided not to pursue charges related to ETH sales as securities transactions. This development has provided a boost to Ethereum and the broader altcoin market.
Despite being in a bearish trend recently, Ethereum’s price saw a significant jump in response to the news, climbing from $3,374 to $3,583. Currently, ETH is trading at $3,534 with a market capitalization of $432 billion.
Technical analysis over the past 24 hours has shown a bullish pattern forming in Ethereum’s price action, suggesting a potential reversal in market trajectory. The key level to watch is $3,650, with a breakout above this point possibly leading to resistance levels at $3,800 and even $4,200, paving the way for a new all-time high above $4,900.
Market analysts are optimistic about Ethereum’s future prospects, citing strong technical indicators such as the 9-day exponential moving average (EMA) at $3,474 and a daily relative strength index (RSI) nearing neutral conditions at 51.
However, caution is advised as a failure to maintain support above $3,300 could result in a retest of critical support levels at $3,150. Further downside pressure could potentially lead to a drop below $3,000.