Ethereum (ETH) has seen a remarkable surge in its price, marking a notable turnaround from its recent bearish trend. After dipping below $3,350, Ethereum experienced a robust bounce-back, with its price rising by 12% to reach $3,545 within the past 24 hours.

Despite a slight drop in trading volume, the overall market capitalization of Ethereum surged by 11.54% to $420.98 billion. However, this upward trend in price can be attributed to several exciting advancements within the Ethereum ecosystem.

SEC’s Attempt to Classify Ether as a Security and Its Impact

It should be noted that the US Securities and Exchange Commission (SEC) has issued subpoenas to companies regarding Ether’s classification as a security. This has stirred up a lot of talk and guesswork in the cryptocurrency world.

People are unsure what will happen if Ether is labelled as a security. The uncertainty alone has made prices go up and down a lot. Despite this, Ethereum, the platform that uses Ether, has stayed strong.

This shows that people still really want to use it and invest in it, even with all the uncertainty about what might happen with the regulations.

Therefore, the SEC’s subpoenas regarding Ether’s classification as security have introduced volatility, but Ethereum’s resilience suggests underlying demand and investor confidence, positively impacting its price.

BlackRock Launch of Tokenized Asset Fund ‘BUIDL’ and Its Impact

Apart from this, BlackRock, a major investment company, has started a new fund called ‘BUIDL’ using Ethereum’s technology. It’s the first time BlackRock has used a public blockchain like Ethereum. This shows that major companies are getting interested in using blockchain for their investments.

With ‘BUIDL’, BlackRock wants to make it easier for people to invest by using Ethereum’s system, which is known for being easy to use and safe. This move highlights Ethereum’s importance in creating new financial products, which is making more people want to invest in Ethereum, making its price go up.

Thus, BlackRock’s launch of the ‘BUIDL’ tokenized asset fund on Ethereum signals institutional endorsement and interest in blockchain assets, boosting demand for Ether and supporting its price.

“Pump the Gas” Initiative and Its Impact

Another factor that boosted the ETH price was the “pump the gas” initiative launched by Ethereum developers. They wanted to make the Ethereum blockchain faster and cheaper to use, so they increased the gas limit from 30 million to 40 million.

This move got a lot of support from the Ethereum community and showed that Ethereum is always trying to get better. By making transactions faster and cheaper, Ethereum hopes to attract more users and developers.

This initiative made people feel good about Ethereum’s future, which made more people want to invest in it, pushing its price up.

Therefore, the “pump the gas” initiative to increase Ethereum’s gas limit reflects a commitment to scalability and lower transaction fees, boosting sentiment and potentially driving the ETH price higher.

Ethereum Price Prediction: Technical Outlook

On March 22, Ethereum  ETH/USD slightly increased by 0.40%, trading at $3,508.20. The cryptocurrency currently hovers near a pivot point of $3,570, suggesting a cautious market sentiment.

Resistance levels are identified at $3,682, $3,811, and $3,939, while support lies at $3,374, $3,227, and $3,061. The Relative Strength Index (RSI) stands at 56, indicating a moderately bullish momentum, with the 50-Day Exponential Moving Average (EMA) at $3,467 supporting a positive outlook.

However, Ethereum’s trend leans towards bearish below $3,570, with potential for a shift towards bullishness if it surpasses this threshold.