ChatGPT-4.0 sets Ethereum price as SEC closes ETH 2.0 investigation

Ethereum’s native token, Ether (ETH), has seen a significant increase in value, reaching $3,550 on June 19. This increase follows the U.S. Securities and Exchange Commission’s (SEC) decision to close its investigation into whether Ether is an unregistered security.

This development, together with the first-time approval of Ethereum spot exchange-traded funds (ETFs), has significantly boosted market confidence.

The SEC’s decision to close its investigation into Ethereum 2.0 was announced by the Ethereum developer ConsensusSysis a major victory for the cryptocurrency industry.

This announcement follows the SEC’s approval of 19 B-4 applications from companies such as VanEck, BlackRock (NYSE: BLK) and Fidelity, allowing them to list and trade Ether ETFs, as reported by The block.

Analysts expect these ETFs to attract $4 billion in inflows within five months, reflecting strong demand for ETH tokens.

Additionally, the amount of Ether held on crypto exchanges has fallen to an eight-year low, indicating reduced selling pressure and a growing preference for storing ETH in private wallets or decentralized protocols.

Despite the Ethereum Shanghai upgrade in March 2023 that allowed stakers to withdraw their tokens, most users have continued staking, highlighting their preference for stability and rewards over selling.

ChatGPT-4o Ethereum Price Prediction

In this regard, Finbold ChatGPT-4o provided technical analysis and market forecasts for a one-month ETH price prediction.

This one-month period was chosen to capture the immediate and medium-term impact of recent significant developments, including the SEC’s decision to close its investigation into Ethereum 2.0 and the launch of spot Ether ETFs by major financial institutions.

This period allows for the assessment of market reactions, investment inflow from the new ETFs and technical trends that may affect the Ether price.

According to ChatGPT-4o, Ethereum is likely to break the neckline of $3,615 in the short term, from June 19 to June 26, and target a target of around $3,775, citing the SEC decision and the immediate positive market reaction, which support further price growth in the short term.

In the medium term, from June 27 to July 10, Ethereum is expected to target the $4,000 mark and possibly reach $4,303. The launch of spot Ether ETFs and increased institutional interest are likely to lead to sustained price upside during this period.

By the end of the month, from July 11 to 19, Ethereum could reach around $4,853. Technical analysis suggests strong resistance at the upper trend line and Fibonacci level, supported by reduced selling pressure and positive market sentiment.

Ethereum Price Analysis

At press time, Ethereum is trading at $3,550, with a strong support level at $3,500 and a daily increase of almost 5%.

The immediate resistance is at the neckline at $3,615. Technical indicators show that the 50-day exponential moving average (EMA) is acting as a support level at around $3,500, while the 0.5 Fibonacci retracement level coincides with the recent support.

Newfound regulatory clarity and institutional interest have boosted market confidence, resulting in reduced selling pressure and strong technical indicators for further price increases.

As Ethereum’s performance continues to be dictated by market reactions and investment inflows, all eyes will be on how these developments impact the price in the coming weeks.

Disclaimer: The content of this website does not constitute investment advice. Investments are speculative. When you invest, your capital is at risk.