- 1 The Enforcement division of the SEC has informed that it’s closing the investigation into Ethereum 2.0.
- 2 When writing, the Ethereum price surged over 2.03% in Intraday and was exchanging hands close to $3552.
- 3 The 50-day Exponential moving average is acting as a dynamic support.
The Ethereum price gained traction and surged over 2.03% following the announcement that the SEC is closing the investigation into Ethereum 2.0. It marks a major win for ETH and confirms that Ether (ETH) sales are not considered securities transactions.
The investors and community are rejoicing at the outcome of the SEC’s investigation into Ethereum 2.0. The Ethereum price surged over 2.03%, hovering close to $3551 at press time. Let’s analyze whether ETH may continue to correct more or look to secure new heights in the upcoming sessions.
Ethereum Secures a Major Victory as the SEC Concludes Investigation!
Ethereum has achieved a notable triumph as the U.S. Securities and Exchange Commission’s Enforcement division has announced the conclusion of its probe into Ethereum 2.0, according to a tweet by blockchain company Consensys.
ETHEREUM SURVIVES THE SEC.
— Consensys (@Consensys) June 19, 2024
Today we’re happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0.
This means that the SEC…
The SEC’s resolution indicates that it will not pursue any allegations that ETH sales constitute securities transactions, as clarified by Consensys.
Whales are Offloading Ethereum from Major Exchange!
As per a tweet by Spot On Chain (@spotonchain) on X, a major Ethereum investor has transferred 16,604 ETH, valued at over $58.6 million, out of Binance at an average price of $3,600 during the last 19 sessions.
This big whale withdrew 16,604 $ETH (~$58.6M) from #Binance at an avg price of $3,600 in the past 19 days!
— Spot On Chain (@spotonchain) June 19, 2024
The whale’s last actions were to accumulate 5,603 $ETH ($19.7M) ~ 1hr ago, after the #SEC permanently suspended their investigation into #Ethereum.
Follow @spotonchain and… pic.twitter.com/TYeLwLsWns
Moreover, this investor’s most recent activity involved acquiring an additional 5,603 ETH, totaling around $19.7 million, following the SEC’s definitive suspension of its Ethereum inquiry.
Can Ethereum Reclaim Highs Again?
The daily chart reveals that the price of Ethereum has risen from the lows since the SEC suspended its investigation. It might be interesting to note whether the ETH price receives a follow-through or not.
The 50-day EMA has been actively working as a dynamic support and trying to retain the price above it. Now, if the bullish bias follows through in the upcoming sessions and the ETH is above the $3705 mark, it may indicate a bullish reversal in the short term.
On the higher side, ETH investors may target a $4089 level flowing at the end of a correction phase above the $3700 level. On the flip side, if the bears make a comeback and the price looms below the $3468 level, it may again head for a correction.
Conclusion
The Ethereum price surged over 2.03% after the SEC concluded its Ethereum 2.0 investigation, affirming ETH sales aren’t securities transactions. This conclusion by the SEC has rejoiced the community, developers, and investors.
Moreover, The daily chart shows Ethereum rebounding post-SEC decision, with potential for further momentum. The 50-day EMA is providing support, suggesting a bullish reversal if prices stay above $3705. Furthermore, if the price surpasses the $3700, it could attain targets near $4089. On the other side, a drop below $3468 might signal another correction.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
