The recent surge in Ethereum’s price has drawn the attention of investors and analysts, underscoring the cryptocurrency’s resilience and potential in a volatile market. On July 10, Ethereum began a significant upward trajectory, spurred by indications that regulators were poised to approve spot Ether ETF applications. This momentum resulted in a 9% increase, driving the price to $3,680.98, with a peak of $3,835.43 earlier in the day.
Bitcoin also experienced a 2% rise, reaching around $71,350. There is widespread anticipation that the SEC will greenlight Ethereum ETFs sometime this year. An analysis of Ethereum’s price reveals a dynamic trajectory influenced by market trends and investor sentiment.
Currently, Ethereum is priced at $3,492, marking a 1.8% increase in the past 24 hours. Projections suggest that the price may fluctuate between $3,500 and $3,750 in the near future. The surge in Ethereum’s price had a notable impact on Tornado Cash, causing a dramatic 85% drop in its activity in 2023.
This decline in activity is attributed to North Korean hackers shifting to traditional Bitcoin mixers, although some still utilize Tornado Cash.
