The Ethereum Foundation, a non-profit organization based in Switzerland that supports the Ethereum ecosystem, has come under investigation by unnamed state authorities, according to a report by CoinDesk. The news has sparked concern among investors and traders, as the details surrounding the investigation remain scarce, with little information on its purpose or overall breadth.
Following the investigation announcement, the price of Ethereum experienced a slight dip. However, following the recent surge of Bitcoin, Ethereum has also witnessed a significant surge, currently trading at $3,564.58, representing a 10.9% increase over the past 24 hours. The 24-hour trading range for ETH has been between $3,190.11 and $3,551.57.
Also read: Polygon Tests Symmetrical Triangle: MATIC to Reach $1 This Weekend?
How will Ethereum perform this weekend?
As investors and traders closely monitor Ethereum’s price action, cryptocurrency experts at Changelly have shared their predictions for the upcoming weekend. Changelly’s analysis predicts that ETH will reach a minimum price of $3,379 and a maximum price of $3,403.
The investigation into the Ethereum Foundation comes at a time when the U.S. Securities and Exchange Commission (SEC) is considering whether to classify ETH as a security. This scrutiny has raised concerns about the potential impact on the approval of an Ethereum exchange-traded fund (ETF).
Also read: Ripple Slumps Amidst Market Crash: Can XRP Hit $0.7 This Weekend?
The current market sentiment and Bitcoin’s struggle to surpass $70,000 have dampened the likelihood of ETH surpassing the $4,000 mark this weekend. Despite these challenges, Ethereum remains one of the most promising and influential blockchain projects in the cryptocurrency space.
Ethereum’s robust ecosystem, which hosts a wide array of decentralized applications (dApps), decentralized finance (DeFi) protocols, and non-fungible tokens (NFTs), continues to drive innovation and adoption in the blockchain industry. The recent Dencun upgrade, which aimed to enhance the network’s functionality and performance, has also brought attention to Ethereum’s ongoing development and potential for growth.
Also read: Shiba Inu Forecasted To Reach 4 Cents: Here’s When
Despite the recent price setback following the upgrade, ETH’s fundamentals remain strong, and its community of developers and users continues to expand. As the investigation into the Ethereum Foundation unfolds, investors and enthusiasts will be closely watching for any potential impact on the network and its native cryptocurrency.
