ETH Stats Turn Bullish but Fed Chair Powell Could Deliver Sub-$1,650

On Monday, Ethereum (ETH) saw a gain of 0.99%. ETH finished the day at $1,737, reversing a 0.41% loss from the previous day. ETH dropped below $1,700 for the first time in three sessions despite the positive day.

ETH dropped to a low of $1,699 in the late afternoon following a range-bound morning. Before reaching a late-session high of $1,751, ETH breached the First Major Support Level (S1) at $1,706 in the price chart. Before falling back to close the day at $1,737, ETH briefly broke past the First Major Resistance Level (R1) at $1,740.

JPMorgan Encourages ETH Higher

Investor interest was sparked by reports that Ethereum developers proposed raising the validator cap from 32 ETH to 2,048 ETH. On a call with Ethereum Core developers on June 15, developers discussed the concept. In 2022, Ethereum switched to a Proof-of-Stake protocol.

The Ethereum community was initially met with cold welcome. Bitcoin (BTC) was the only cryptocurrency that SEC Chair Gary Gensler did not classify as a security. Thoughts have changed recently, though.

After the SEC made the records connected to the William Hinman speech in the ongoing SEC v. Ripple case public, a JPMorgan (JPM) Report predicted an increase in the price of ether (ETH). William Hinman's assertion that ether is not a security was addressed in the report. Additionally, the speech-related documents covered a regulatory hole where tokens on a suitably decentralized network cease to be considered securities.

This is the second time that ETH has received backing from William Hinman's statements in the crypto community. Hinman made the infamous claim that ETH and BTC are not securities in 2018. In its assessment, JP Morgan took into account the materials relating to the William Hinman address.

Should BTC and ETH formally come under the CFTC's jurisdiction, they would probably receive a lot of support.