Ethereum's price surged by 4.5% in the past 24 hours, reaching $3,550 on June 19. This significant increase was triggered by the US Securities and Exchange Commission's (SEC) decision to conclude its investigation into whether Ethereum should be classified as a security.

The SEC's move has been hailed as a major victory for Ethereum developers, technology providers, and industry participants. ConsenSys, an Ethereum developer, announced the news on X, stating that the SEC's Enforcement Division had closed its investigation into Ethereum 2.0. This decision has paved the way for firms like VanEck, BlackRock, and Fidelity to approve their spot Ethereum ETF funds, which are expected to be listed and traded on relevant exchanges soon.

According to Bloomberg analyst Eric Balchunas, Ethereum ETF funds are likely to open for trading on July 2. K33 Research predicts that these investment products will attract $4 billion in inflows within the first five months of their launch, indicating strong demand for Ethereum in the coming weeks. Additionally, data from Glassnode shows that the total number of Ethereum held by all crypto exchanges has fallen below 12.20 million, reaching its lowest level since July 2016. This suggests reduced selling pressure and a preference for holding Ethereum in private wallets or decentralized protocols.

The increase in Ethereum withdrawals from crypto exchanges aligns with the cryptocurrency's price rise. The official Ethereum staking address has steadily increased its holdings since its launch in December 2020, surpassing 46.418 million Ethereum as of June 19. This indicates a bullish trend for Ethereum prices in the coming weeks.

In conclusion, Ethereum's price surge is a direct result of the SEC's decision to end its investigation, paving the way for Ethereum ETF funds to be listed and traded. As the demand for Ethereum increases, its price is likely to continue its upward trend. Meanwhile, crypto investors must remain vigilant and take necessary precautions to protect their assets from scams and hacking attempts.