Cryptocurrency analysts announced two important developments behind the recovery of the Ethereum (ETH) price.
According to CoinGecko data this week, the Ethereum (ETH) price, which fell below $ 3,400 for a short time, rose above $ 3,600 again.
Ethereum Price Rises with Two Developments
According to QCP analysts, the rise in Ethereum price was due to two main factors. First, news came that the US Securities and Exchange Commission (SEC) investigation into Ethereum 2.0 has ended.
This development marks the end of the claims of Ethereum being classified as a security. Consensys, the owner of MetaMask, made a statement on the issue: "Ethereum has survived the SEC investigation."
Spot ETFs are on the Way
Last month, the SEC approved 19b-4 filings for the establishment of spot Ethereum ETFs in the US. S-1 files must also be approved before these products can be put on the market.
Potential issuers have reportedly begun responding to the SEC's feedback and will submit updated filings by the end of this week. According to analysts, the impact of these developments has begun to be felt with increased purchases in the option markets.
According to QCP analysts, 10-20% of incoming funds destined for spot Ethereum ETFs are thought to be transferred from spot Bitcoin ETFs. This could push the Ethereum price above $4,000. Ethereum broke its own price record at $4,800.
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