Ether (ETH) is back above $3,500, having seen a slight price bump after Consensys said the United States Securities and Exchange Commission is ending its investigation into whether ETH is a security.

ETH traded at $3,493 up until the company posted to X on June 19 that the SEC will be shutting its probe — which is “huge for the space,” according to crypto commentators.

“The Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0,” Consensys wrote.

Within 20 minutes, Ether jumped around 1.4% to $3,541 — breaking its critical and closely watched $3,500 level, according to CoinMarketCap data. At the time of publication, it is trading at $3,531.

The $3,500 level has been crucial for traders, as Ether has frequently moved above and below the mark. Over the past 30 days, it has been a key support level.

The slight jump on Consensys’ post shows increased investor confidence, potentially easing recent concerns on potential securities law violations, including for ETH transfers on the network in the case that the SEC decided to take action.

“This means that the SEC will not bring charges alleging that sales of ETH are securities transactions,” Consenys added, prompting a string of crypto commentators to celebrate the news.

“Huge win for Ethereum,” Delphi Ventures founding partner Tom Shaughnessy wrote.

“A major unlock for the Ethereum ecosystem as we enter a new regulatory regime for crypto,” CoinFund president Christopher Perkins added.

Ether whales showed confidence in the wake of the announcement with blockchain analysis firm Lookonchain reporting a whale buying 5,603 ETH, worth about $19.6 million.

Related: Ethereum price to $10K is the most ‘asymmetric bet’ in crypto — Analyst

It comes just over a month after the SEC approved spot Ether exchange-traded funds (ETFs) in the United States.

There is growing confidence that the final stage before trading — approval of the applicant’s Form S-1 registration statements — is also progressing.

SEC Chair Gary Gensler expects the commission will approve the filings “sometime over the course of this summer,”

Magazine: Ethereum’s recent pullback could be a gift: Dynamo DeFi, X Hall of Flame

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.