ChatGPT40 Determines Ethereum Price as SEC Halts ETH 20 Investigation
Ether (ETH), the native token of the Ethereum network, has experienced a significant surge in value, reaching $3,550 on June 19. This increase comes on the heels of the U.S. Securities and Exchange Commission’s (SEC) decision to conclude its investigation into whether Ether should be classified as an unregistered security.
The closure of this investigation, in conjunction with the initial approval of Ethereum spot exchange-traded funds (ETFs), has instilled a strong sense of confidence in the market. The SEC’s decision to wrap up its examination of Ethereum 2.0, as announced by Ethereum developer ConsenSys, marks a significant triumph for the cryptocurrency sector.
Following this positive development, several major firms including VanEck, BlackRock, and Fidelity have received approval for listing and trading spot Ether ETFs, as detailed by The Block. Industry analysts anticipate these ETFs to attract around $4 billion in inflows within a five-month period, showcasing a robust demand for ETH tokens.
Moreover, there has been a notable decline in the amount of Ether being held on crypto exchanges, reaching an eight-year low. This trend suggests a reduced tendency to sell and a growing preference for storing ETH in private wallets or decentralized platforms.
Despite the Ethereum Shanghai upgrade in March 2023, which allowed stakers to withdraw their tokens, the majority of users have opted to continue staking. This behavior underscores a preference for stability and rewards over immediate selling.
In light of these developments, Finbold provided technical analysis and market forecasts to ChatGPT-4o for a one-month ETH price prediction. This timeframe was selected to capture the near and medium-term impacts of recent events, such as the SEC’s decision and the introduction of spot Ether ETFs by prominent financial institutions.
According to ChatGPT-4o, Ethereum is likely to surpass the $3,615 threshold in the short term, aiming for around $3,775 by June 26. In the mid-term, from June 27 to July 10, the target price is $4,000, with a potential peak of $4,303. By the end of July 19, Ethereum could reach approximately $4,853, supported by strong technical analysis and positive market sentiment.
Currently, Ethereum is trading at $3,550, with a firm support level at $3,500 and a daily increase of nearly 5%. The immediate resistance level is at the $3,615 mark. Technical indicators suggest that the 50-day exponential moving average acts as a support level, with the 0.5 Fibonacci retracement level aligning with recent support.
The newfound regulatory clarity and heightened institutional interest have bolstered market confidence, leading to reduced selling pressure and promising technical indicators for further price growth. As market responses and investment inflows continue to shape Ethereum’s trajectory, all eyes will be on how these developments impact its price in the upcoming weeks.
Disclaimer: The information provided in this article should not be construed as investment advice. Investing in cryptocurrencies carries inherent risks, and individuals should exercise caution when considering investment decisions.
