๐ Ether (ETH) Bounces Back Above $3,500!๐
ETH ticked up to $3,536 following Consensys' announcement that the SEC is ending its investigation into whether ETH is a security.
Until Consensys posted on X (formerly Twitter) on June 19, ETH was trading at $3,493. Within 20 minutes, it jumped 1.4% to $3,541, surpassing the critical $3,500 level. As of now, it's trading at $3,531, according to CoinMarketCap data.
This $3,500 mark has been crucial for traders, acting as a key support level over the past 30 days. The price bump reflects increased investor confidence, alleviating concerns about potential SEC securities law violations.
โThe SEC will not bring charges alleging that sales of ETH are securities transactions,โ Consensys confirmed, sparking celebrations among crypto commentators. ๐
โHuge win for Ethereum,โ noted Tom Shaughnessy, Delphi Ventures founding partner.
โA major unlock for the Ethereum ecosystem,โ added Christopher Perkins, CoinFund president.
Further showing confidence, a whale purchased 5,603 ETH worth about $19.6 million, as reported by blockchain analysis firm Lookonchain. This follows the SEC's approval of Ether spot ETFs in the U.S. last month.
Thereโs growing optimism that the final stage before trading, the approval of Form S-1 registration statements, is progressing well. SEC Chair Gary Gensler anticipates approval โsometime over the course of this summer.โ
๐ Cheers to Ethereumโs bright future! ๐
