• A good choice from the SEC might mark the top of Ethereum’s bear market.
• The SEC has closed its investigation into Ethereum 2.0.
• Analyst CrediBULL predicts that Ethereum might attain $6,600.

The value of Ethereum (ETH) has plummeted from a weekly excessive of over $3,600 to $3,374, however market analysts imagine the cryptocurrency’s bear market could also be nearing an finish resulting from latest regulatory developments.

Crypto analyst and educator CrediBULL expressed robust bullish sentiment in the direction of ETH in a latest submit on X (previously Twitter), noting that the latest worth actions have strengthened his confidence that the lower cost vary he recognized in his preliminary chart evaluation is not related.

CrediBULL highlighted the most important impression of the U.S. Securities and Trade Fee enjoyable its scrutiny of Ethereum. On the identical day, Ethereum growth crew Consensys revealed that the SEC's Enforcement Division had notified them that it was ending its investigation into Ethereum 2.0.

The SEC has not but launched any particulars on the investigation, however has not but launched any particulars on the investigation.

Following the SEC’s approval of an Ethereum spot ETF final month, ConsenSys wrote to the regulator looking for affirmation whether or not the approval of an ETH ETF in Could, primarily based on ETH being a commodity, would consequence within the closure of the Ethereum 2.0 investigation. The regulator responded within the affirmative, thus closing the investigation.

Amid this vital growth for Ethereum, analyst CrediBULL famous that the deregulation will probably carry an finish to the bearish sentiment surrounding ETH.

CrediBULL additionally posted a chart displaying the trail Ethereum might take to succeed in the $6,600 vary if Bitcoin sustains above the $62,000 mark. He means that Ethereum’s present worth ranges of round $3,500 might be a strong backside earlier than a big upside begins.