Ethereum enjoys price increase as ETF anticipation intensifies

Ethereum (ETH) has experienced an over 15% price increase in the past two weeks. This surge has captured the attention of investors and analysts alike, highlighting the cryptocurrency’s resilience and potential amidst a turbulent crypto market environment.

Ethereum began an upward trajectory on July 10 as regulators seemed ready to approve spot Ether ETF applications.

On July 10, Ethereum led the charge with a 9% increase, reaching $3,680.98 and peaking at $3,835.43 earlier that day. Bitcoin also followed with a 2% rise, trading around $71,350.

Issuers and exchanges have reportedly updated their documents, indicating that the U.S. Securities and Exchange Commission (SEC) may be reconsidering its position on spot Ether ETFs. While it was previously thought that these funds would not be approved, final decisions on applications from VanEck and Ark Invest are now anticipated.

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

Ethereum’s price analysis reveals a dynamic trajectory influenced by market trends and investor sentiment. Currently priced at $3,492, Ethereum has seen a 1.8% increase in the past 24 hours. It is expected to fluctuate between $3,500 and $3,750 in the near term.

Since its inception, the cryptocurrency has seen significant fluctuations, peaking at an all-time high of $4,200.86 in May 2021.

Tornado Cash

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

Data from Flipside Crypto shows that Tornado Cash received around $1.9 billion in deposits in the first six months of this year, a 50% increase over the total deposits for all of 2023.

In August 2022, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, a cryptocurrency mixer, for allegedly facilitating money laundering for cybercriminals, particularly North Korean hackers.

This action caused a dramatic decline in Tornado Cash’s activity, with volumes dropping by approximately 85% in 2023.

Despite sanctions, Tornado Cash has remained a tool for illicit actors. While North Korean hackers have largely shifted to traditional Bitcoin mixers, some continue to use Tornado Cash.