- Despite market volatility, Ethereum (ETH) surged 3.1% to over $3,500, showing remarkable resilience.
- Analysts predict Ethereum could rally to $4,723.5 or higher, with a surge to $6,300 by late July 2024.
- 4lMt Gox sell offs and German dumping caused turbulence, but the market is recovering.
Following a dip in the general crypto market, Ethereum has shown remarkable resilience by regaining footing. The world’s second-largest cryptocurrency by market capitalization has surged by 3.1% in the past 24 hours, bringing its price to just above $3,500.
This positive momentum comes after the U.S. Securities and Exchange Commission (SEC) dropped its investigation into Ethereum without filing any charges. The SEC’s decision to close the investigation has provided a much-needed boost to the crypto market.
Investors and traders had been closely monitoring the situation, fearing potential regulatory action against Ethereum. However, the lack of charges has alleviated concerns and allowed ETH to recover.
Despite the recent volatility, Ethereum’s overall performance remains impressive. The price of Ethereum has increased by 13.8%. over the past month. This resilience signals growing confidence in Ethereum’s long-term potential.
Bitcoin (BTC) is trading at $56,744 after gaining by 2.68% in the past 24 hours. The bullish sentiment from traders has contributed to this upward trend amid a 6.9% weekly dip.
Javon Marks, a crypto analyst, believes that Ethereum might rally to $4,723.5 or higher. Additionally, longer-term forecasts for Ethereum are optimistic.
Some analysts predict a surge to over $6,300 by late July 2024, followed by a temporary dip to $3,700 before rallying to peak above $7,300 in March 2025.
The Mt Gox anticipated selloffs and German dumping have significantly contributed to the recent crypto market turbulence. However, the market is regaining steadily as the dust settles.
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