Ethereum has seen a recent downturn, however the analyst believes that ETH is set to surge further and has the potential to reach $6,600.
The price of Ethereum (ETH) has plummeted from a weekly high of over $3,600 to $3,374, but analysts believe the bearish period may be coming to an end following recent regulatory developments.
Popular crypto analyst, CrediBULL, expressed bullish sentiment towards ETH in a recent post on X. He noted that the second-largest asset's recent price actions have helped He believes that a lower price zone will not appear.
CrediBULL has highlighted the significant impact of the U.S. Securities and Exchange Commission easing its oversight of Ethereum. Previously, Ethereum development team Consensys revealed that the SEC's Division of Enforcement announced the closing of its investigation into Ethereum 2.0.
Accordingly, the SEC will not allege that the sale of ETH is a securities transaction. Rumors of this investigation emerged in late March, attracting significant criticism from the cryptocurrency community.
After the SEC approved spot Ethereum ETFs last month, ETH Consensys sent a letter to the regulator, asking to confirm the conclusion of the Ethereum 2.0 investigation. The agency responded and concluded the investigation.
This move to loosen regulations is considered an extremely important development for Ethereum and has the potential to end the pessimism surrounding ETH.
CrediBULL also predicted the possibility of Ethereum reaching the $6,600 mark, if Bitcoin maintains its value above $62,000. He suggested that Ethereum's low price over the past days could be a solid bottom before the start of a significant rally.
At the time of writing, thanks to the above positive developments, Ethereum's price has increased by more than 3.65% in the past 24 hours and is trading for around $3,543.