In a stunning reversal, the cryptocurrency market has received a welcome reprieve. Amidst the recent turmoil, Ethereum has emerged triumphant, with the SEC announcing the termination of its investigation into ETH's security status. This unexpected turn of events has sent ripples through the market, rekindling hope among Ethereum supporters.

The developer team at Consensys broke the news on Wednesday, revealing that the SEC's Enforcement Division had dropped its investigation into Ethereum 2.0. This decision means that the SEC will not pursue legal action against ETH sales, a move hailed as a significant victory by Ethereum developers, technology providers, and industry stakeholders.

The SEC's about-face comes as a surprise, given its previous stance on Ethereum. In March, the regulatory body launched an initiative to classify Ethereum as a security, prompting Consensys to file a lawsuit in April. The lawsuit alleged that the SEC was attempting to exert control over the cryptocurrency's future. However, the SEC has now seemingly backtracked, ending its investigation without comment.

As the news spread, the Ethereum price experienced a notable surge, increasing by 4% over the past 24 hours to trade at $3,580. The market capitalization also rose to $438 billion, although trading volume decreased by 6.03% to $19.4 billion. This development follows the SEC's approval of spot Ethereum ETFs in May, which saw the Ethereum price soar from $2,900 to $3,900.

In conclusion, Ethereum has secured a major victory in its legal battle with the SEC, as the regulatory body has abandoned its investigation into ETH's security status. This news has injected new life into the cryptocurrency market, sending the Ethereum price skyrocketing.