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Summary

Ethereum surged 6.19% to $3,583 after the SEC closed its investigation into ETH, leading to a positive market reaction and indicating a bullish sentiment for ETH and altcoins.

Introduction

The global cryptocurrency markets experienced a slight recovery as Ethereum (ETH) saw a significant spike of over 6% to surpass $3,500 following the announcement of the U.S. Securities and Exchange Commission (SEC) concluding its investigation into ETH sales.

Main Points

Consensys Software, an Ethereum developer, confirmed the SEC’s Enforcement Division wrapped up its probe into Ethereum’s native token, Ether, signaling no charges related to ETH sales as securities transactions. Despite being in a bearish trend, ETH displayed a notable 6.19% jump in response to the news, currently trading at $3,534 with a market capitalization of $432 billion.

Conclusion

The technical analysis suggests a bullish pattern in Ethereum’s recent price action, potentially leading to a reversal in market trajectory. Market analysts are optimistic about ETH’s prospects, with key levels to watch at $3,650 and possible resistance levels at $3,800 and $4,200. However, maintaining support above $3,300 is crucial to prevent a retest of critical levels at $3,150 and a further drop below $3,000.

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