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Ethereum’s FUD Put to Rest

Written By: ChartChamp

June 20, 2024

There has been a lot of FUD surrounding Ethereum despite the recent spot ETF approvals. The SEC has approved the spot ETH ETFs, but there have been delays with actually listing these ETFs on an exchange. At the same time there was still an ongoing SEC investigation about whether Ethereum is classified as a security. Yesterday the SEC finally put all of these concerns to rest by ending their investigation against Ethereum. The head of the SEC’s Crypto Asset and Cyber Unit has resigned as well. Crypto investors are hopeful that the SEC starts to provide a pro-crypto stance.

In terms of price action, ETH has been trading around the light blue zone. There was a successful rebound at the $3,350 white support line. ETH is already back in the light blue zone, and I would monitor for ETH to start a rally from the bullish hype now that the FUD has been addressed by the SEC.

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