Ethereum’s native token, Ether (ETH), has seen a notable increase in value, reaching $3,550 on June 19. This surge follows the U.S. Securities and Exchange Commission’s (SEC) decision to end its investigation into whether Ether is an unregistered security.
This development, combined with the initial approval of Ethereum spot exchange-traded funds (ETFs), has significantly boosted market confidence.
The SEC’s decision to close its investigation into Ethereum 2.0, announced by Ethereum developer ConsenSys, is a major victory for the cryptocurrency industry.
In the mid-term, from June 27 to July 10, Ethereum is expected to aim for the $4,000 mark, potentially reaching $4,303. The launch of spot Ether ETFs and increased institutional interest are likely to drive sustained upward price movements during this period.
By the end of the month, from July 11 to July 19, Ethereum could reach approximately $4,853. Technical analysis suggests strong resistance at the upper trendline and Fibonacci level, supported by reduced selling pressure and positive market sentiment.
Ethereum price analysis
At the press time, Ethereum is trading at $3,550 with a strong support level of $3,500 and a one-day increase of nearly 5%.
The immediate resistance level is the $3,615 neckline. Technical indicators show that the 50-day exponential moving average (EMA) acts as a support level of around $3,500, while the 0.5 Fibonacci retracement level coincides with recent support.
The newfound regulatory clarity and institutional interest have bolstered market confidence, leading to reduced selling pressure and strong technical indicators for further price increases.
As market reactions and investment inflows continue to shape Ethereum’s trajectory, all eyes will be on how these developments influence its price in the coming weeks.
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