Ethereum enjoys price increase, ETF anticipation intensifies

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

Ethereum entered an uptrend on July 10 as regulators appeared ready to approve applications for a spot Ether ETF.

On July 10, Ethereum led the way with a 9% increase, reaching $3,680.98, having reached $3,835.43 earlier that day. Bitcoin was also up 2%, trading around $71,350.

Publishers and exchanges have reportedly updated their filings, indicating that the U.S. Securities and Exchange Commission (SEC) may reconsider 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 awaited.

In May, the SEC took a significant step toward full approval by approving updated 19b-4 filings for Ethereum ETFs. The SEC is widely expected to 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 is up 1.8% in the last 24 hours. It is expected to fluctuate between $3,500 and $3,750 in the near-term.

The cryptocurrency has experienced significant fluctuations since its launch, reaching a new all-time high of $4,200.86 in May 2021.

Tornado Cash

Meanwhile, Ethereum-based mixer Tornado Cash has experienced a remarkable revival, attracting 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 six months of this year, representing a 50% increase over total deposits in all of 2023.

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

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

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