Ethereum bulls smash $3,500 barrier line
Consensys announced on June 19 that the SEC would be ending its investigation on Ethereum
The super altcoin is back above $3,5K following a brief price increase in the aftermath of Consensys’ announcement stating that the US Securities and Exchange Commission concluded its examination into whether ETH is a security
The crypto-based- business announced on June 19 that the SEC would be ending its investigation on Ethereum, which is huge for the altcoin market. Consensys commented, “The SEC’s Enforcement Division has informed us that it is ending its inquiry into Ethereum.” Ether’s price action revealed that it broke its critical and closely monitored $3,500 milestone, rising about 2% to $3,583 in less than an hour. When this article was published, its market value was $3,556.
Ethereum found strong support at the $3,360 level and recovered from today’s early trade to challenge the important resistance at $3641.8. This resistance level must be broken before the overall unfavorable circumstance can be resolved. The $3,500 barrier has proven pivotal as ether has often fluctuated above and below it. It has been a crucial level of assistance for the last 30 days. The modest improvement in investor confidence indicated by Consensys’ tweet may soothe worries about possible violations of securities laws, such as ETH transfers on the network, should the SEC pursue legal action.
Fundamentals are also providing Ethereum bulls enough gas to the line. Hashdex filed a 19b-4 form for a combined spot BTC and ETH ETF. The filing states that Ethereum will weigh 29.46% and Bitcoin 70.54% of the Index’s weight.
The asset manager withdrew its first application for a spot Ethereum ETF on May 24, one day after the SEC approved 19b-4 filings of comparable products from eight other issuers: VanEck, Franklin Templeton, Invesco & Galaxy, BlackRock, 21Shares, Fidelity, Grayscale, and Bitwise. This is the background to Hashdex’s crypto index filings.
Ethereum has witnessed an increase in active users despite the growth in alternative narratives like meme coins and celebrity tokens that made Solana chain, Ether’s rival, popular among traders.
Token Terminal, a crypto data aggregator, highlighted over 25 million active Ethereum Layer 1 and Layer 2 users per month.
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