Ethereum (ETH) witnessed a modest rebound in the worldwide crypto markets today, as its value surged by 6% to beyond $3,500.

This increase came after the U.S. Securities and Exchange Commission (SEC) concluded its investigation into the sale of ETH. Consensys Software, an Ethereum developer, has announced that the SEC’s Enforcement Division will not be taking legal action over the selling of ETH as securities transactions.

Despite a substantial surge in the crypto market, Ethereum is currently ensnared in a bearish trend. The recent price movement of ETH has exhibited a bullish pattern, indicating the possibility of a turnaround in its market direction.

The current pivotal key to monitor is $3,650, and if the price surpasses this point, it could potentially lead to an increase in price towards resistance levels at $3,800 and possibly as high as $4,200.

Market analysts hold a positive outlook on Ethereum’s future, supported by robust technical indicators including the 9-day exponential moving average (EMA) at $3,474 and a daily relative strength index (RSI) approaching neutral levels at 51.