Ethereum's native cryptocurrency, Ether (ETH), has experienced a notable 4.5% increase over the past 24 hours, reaching $3,550 on June 19. The surge in ETH's price today can be attributed to several key factors driving bullish sentiment in the market.

Firstly, the U.S. Securities and Exchange Commission (SEC) has announced the conclusion of its investigation into Ethereum, signaling a positive regulatory outcome for the cryptocurrency. This decision comes amidst the SEC's recent approval of 19b-4 filings from major financial institutions like VanEck and BlackRock, paving the way for potential Ether exchange-traded funds (ETFs) to be listed soon. Analysts speculate that these ETFs could attract significant inflows, with forecasts suggesting up to $4 billion within the first few months of trading.

Additionally, the supply dynamics of Ether have played a crucial role in its price appreciation. Data from Glassnode reveals that the total amount of Ether held across all crypto exchanges has dropped to its lowest level since July 2016, standing at approximately 12.20 million ETH as of June 18. This decline in exchange reserves indicates a trend of reduced selling pressure as investors opt to hold ETH in private wallets or decentralized platforms.

Furthermore, Ethereum's ecosystem continues to show resilience and growth. The Ethereum staking address, established in December 2020, has steadily accumulated over 46.418 million ETH, underscoring a strong preference among users for staking rewards and long-term holding strategies over immediate liquidation.

From a technical analysis perspective, ETH's recent price movement has bounced off a support confluence around $3,500, which includes its 50-day exponential moving average (EMA), 0.5 Fibonacci retracement level, and the lower trendline of its ascending channel. Analysts project a potential upside target for Ether towards the upper trendline of this channel, reaching around $4,853 in July, based on historical price rebounds and Fibonacci extensions.

In conclusion, today's surge in Ether's price reflects a convergence of positive regulatory developments, declining exchange reserves, and robust technical support levels. These factors collectively contribute to a bullish outlook for Ethereum, suggesting potential further gains in the near future, barring any significant market reversals or adverse regulatory shifts.