Good news for Ethereum (ETH) fans! 🎉 The US Securities and Exchange Commission has closed its investigation into whether ETH is a security, leading to a slight increase in its price, surpassing $3,500.

This announcement from Consensys has boosted investor confidence, alleviating recent concerns about potential securities law violations. According to data from CoinMarketCap, ETH jumped around 1.4% to $3,541 in just 20 minutes after the announcement.

This $3,500 level has been crucial for traders as ETH has frequently fluctuated above and below this mark.

Furthermore, large ETH investors showed their confidence by purchasing 5,603 ETH, valued at about $19.6 million, following the announcement.

What do you think of this news? Do you think the price of ETH will continue to rise? Comment below!