Will Ethereum Reach $10,000? SEC’s Investigation Suspension Sparks Optimism
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Yesterday, June 19, 2024, news about the United States Securities and Exchange Commission’s (SEC) surprising decision to suspend the ongoing investigations into Ethereum’s (ETH) security status broke out, making rounds across several Web3 news publishing media and eliciting widespread jubilations among Ethereum’s enthusiasts and altcoins holders alike.
JUST IN: 🇺🇸 SEC officially ends investigation into Ethereum and will NOT pursue charges that ETH is a security. pic.twitter.com/RWmmpkqMG2
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— Radar🚨 (@RadarHits) June 19, 2024
Before the news broke out yesterday, ETH had been recording gradual price declines, breaking below previously exceeded resistance marks, almost closing up on $3,000, and inducing the “Fear, Uncertainty, and Doubt” syndrome among ETH holders.
However, following the positive sentiment that followed the SEC’s intention to drop the ongoing probe into Ethereum’s security status, the token has begun staging a gradual recovery, evidenced by its price actions in the past 24 hours.
How ETH Price Reacted To The Latest Decision By The SEC
At the time of press, Ethereum’s market readings on popular digital assets tracker platform CoinMarketCap revealed the ether-based token to be changing hands at about $3,518, having declined by about 0.67% from the previous day.
Ethereum’s 24-hour minimum and maximum prices reflected price levels ranging between $3,446.76 and $3,621.12, respectively, implying that the token is on the verge of stabilizing around the $3,500 price level. On the other hand, the token’s 7-day price interval indicated the lowest and peak prices to be approximately $3,384.23 and $3,632.13, underscoring the token’s impressive recovery within a short period.
Other relevant statistics revealed that the world’s number one altcoin remains the second most valuable cryptocurrency, with a market cap of about $430 trillion. While its trading volume registered declines of about 2.51% in the past 24 hours, it was ranked third in the entire crypto market at about $16.6 trillion.
Amid the excitement hovering around Ethereum’s perceived staged recovery, a market expert on X has speculated that the coin is in for a parabolic run, which could see it attain a new all-time high (ATH) in the coming months.
Ethereum At $10,000 Will Happen Before This Year Runs Out
According to a post making rounds on X, a renowned market expert with the pseudonym CryptoYoddha has stated that if Ethereum sustains its recent form, chances are high that it could hit price levels around $10,000 before this year concludes.
In his exact wordings, the market expert stated, “Ethereum is holding up the price pretty well and looks ready to go bonkers. It will be above $10,000 before the end of the year. Mark my words.”
#Ethereum is holding up the price pretty well and looks ready to go bonkers
It will be above $10,000 before the end of year. Mark my words. pic.twitter.com/XiTYn63PKk
— Yoddha (@CryptoYoddha) June 19, 2024
Based on the price chart attached to the analyst’s tweet, Ethereum is currently lurking around a phase renowned for orchestrating the token’s yearly high. Hence, a breakout is imminent with the potential to actualize Ethereum at $10,000, which invariably implies a surge of about 185.7% from the coin’s present selling price.
Other Fuellers Of Ethereum At $10,000
Aside from the SEC’s decision to drop investigations into ETH’s security status, the most significant catalyst with the potential to orchestrate Ethereum at $10,000 remains ETH’s Exchange Traded Funds (ETFs) trading, which will likely begin in a few weeks from now.
Others include a positive market sentiment about the token’s future, whale investors’ ETH accumulation, depicting faith in the token, and Bitcoin’s price trajectory, among many others.
Should most of the above-listed factors play out in the token’s favor, Ethereum at $10,000 could eventually become a reality before this year elapses.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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