Ethereum (ETH) has recovered to above $3,500 following ConsenSys' announcement that the Securities and Exchange Commission (SEC) is dropping its investigation into whether ETH is recognized as a security. Following ConsenSys's June 19 announcement that the SEC is dropping its investigation into Ethereum 2.0, the value of ETH rose 1.4%, breaking through the significant and closely watched $3,500 level. The $3,500 level was significant for traders as Ethereum has often fluctuated between that value and higher prices over the past 30 days. Increased investor confidence due to the reduced risk of legal conflicts under securities laws was an incentive to buy ETH. Also, several cryptocurrency experts noted that the decision gives a significant boost to the Ethereum ecosystem. As a result, analyst firm Lookonchain reported a large amount of ETH purchases by one of the whales - 5,600 ETH worth about $19.6 million. This comes just a month after the SEC approved spot Ether exchange-traded funds in the U.S
., bolstering optimism for the expected approval of exchange-traded fund registration statements on Form S-1. SEC Chairman Gary Gensler anticipates that the approval process for these applications will continue sometime "over the course of this summer."
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