Ethereum's price movement today can be attributed to a significant shift in regulatory oversight by the U.S. Securities and Exchange Commission (SEC). The SEC is scaling back its specialized crypto enforcement unit, reassigning over 50 lawyers and staff members. This move is part of the Trump administration's broader effort to reduce regulatory intervention in the digital asset space. The reassignment of staff and the potential easing of regulatory pressures have been seen as positive developments for the crypto market, including Ethereum. SEC Commissioner Hester Peirce, known for her supportive stance on crypto, has been appointed to lead a new task force aimed at creating a more balanced regulatory framework.
Additionally, Ethereum's recent network enhancements, such as the increase in the gas limit, have contributed to its price stability. The gas limit increase allows for more transactions per block, improving network efficiency and reducing congestion. This change, along with the anticipation of the upcoming Pectra upgrade, which aims to further enhance scalability, has bolstered investor confidence in Ethereum's long-term potential. These developments have helped Ethereum recover from its recent lows, despite the broader market volatility.
Ethereum's price has increased by 1.47% today, reaching $2,772.09, with a high of $2,784.71 and a low of $2,701.24.