Ethereum
Ethereum: Is $4,000 Near as SEC Changes Its Stance on ETH?
- Ethereum’s popularity has increased significantly according to recent data.
- Staking participation was on the rise while prices remained stable.
Ethereum [ETH] the price has remained stagnant in recent days. Despite this, traders were showing interest in the altcoin.
Ethereum popularity increases
According to data from Santiment, the popularity of ETH has increased significantly in recent days.
Current discussions around Ethereum ETFs, SEC investigations, regulatory developments, and Consensys’ push for Ethereum status are likely contributing to this increased attention.
There are both bearish and bullish outlooks surrounding the popularity of the growing interest in Ethereum.
Santiment data suggests that bearish concerns stemmed from the potential classification of Ethereum as a commodity by the SEC.
Although the SEC has dropped the investigation, the fact that it is willing to go after the coin may cause problems for the network. It could also pose a barrier to the approval of other Ethereum ETFs, a key driver of current interest.
Additionally, the ongoing regulatory battle between Ripple and the SEC has cast a shadow, as similar actions against ETH could dampen market sentiment.
Uncertainty surrounding Ethereum’s regulatory status and its potential limitations poses an obstacle to the project.
From a bullish perspective, there were many points in favor of Ethereum. For example, the SEC dropping its investigation, thereby allowing sales of ETH as securities, was a major boost.
This news led to an increase in altcoins pegged to ETH and a more stable market environment.
Additionally, the development of cross-chain bridges connecting Ethereum to other blockchains has demonstrated continued growth and adoption within the Ethereum ecosystem.
Source: Santiment
Staking Status
In terms of staking, it has been observed that the staking participation rate has increased significantly for ETH. However, the volatility of stake returns has increased significantly.
Although a higher participation rate is generally a good thing, high volatility of returns can be a deterrent for some investors seeking predictable returns.
Read Ethereum [ETH] Price prediction 2024-2025
This volatility could be due to factors such as fluctuations in network fees (MEV) or changes in the total amount of ETH staked.
Source: In the block
At press time, ETH was trading at $3,587.52. Over the past 24 hours, the price of ETH has increased by 0.67%. However, the volume at which ETH was trading had fallen by 27% during the same period.
Source: Santiment