Ethereum's price rises as anticipation for an ETF grows stronger

 

Ethereum (ETH) has seen its price increase by over 15% in the past two weeks, drawing attention from investors and analysts and showcasing its resilience and potential in a volatile crypto market.

The upward trend for Ethereum started on July 10, as regulators appeared poised to approve spot Ether ETF applications.

On that day, Ethereum surged by 9%, reaching $3,680.98 and peaking at $3,835.43 earlier. Bitcoin also saw a 2% rise, trading around $71,350.

Issuers and exchanges have updated their documents, suggesting that the U.S. Securities and Exchange Commission (SEC) might be reconsidering its stance on spot Ether ETFs. Previously, it was believed that these funds would not be approved, but final decisions on applications from VanEck and Ark Invest are now awaited.

In May, the SEC approved updated 19b-4 filings for Ethereum ETFs, a significant move towards full approval. It is widely expected that the SEC will approve Ethereum ETFs sometime this year.

Ethereum’s price analysis indicates a dynamic path shaped by market trends and investor sentiment. With a current price of $3,492, Ethereum has experienced a 1.8% increase in the past 24 hours. In the near term, it is expected to oscillate between $3,500 and $3,750.

Since its inception, Ethereum has experienced significant fluctuations, reaching an all-time high of $4,200.86 in May 2021.

Tornado Cash

Meanwhile, Tornado Cash, the Ethereum-based mixer, has experienced a significant resurgence, drawing nearly $2 billion in deposits despite ongoing sanctions from the U.S. Office of Foreign Assets Control (OFAC).

According to data from Flipside Crypto, Tornado Cash received approximately $1.9 billion in deposits in the first half of this year, marking a 50% increase compared to the total deposits for all of 2023.

In August 2022, the U.S. Treasury's OFAC sanctioned Tornado Cash for allegedly aiding money laundering by cybercriminals, particularly North Korean hackers.

This sanction led to a sharp decline in Tornado Cash's activity, with volumes plummeting by about 85% in 2023.

Despite these sanctions, Tornado Cash remains a tool for illicit actors. Although North Korean hackers have largely switched to traditional Bitcoin mixers, some still continue to use Tornado Cash.