The Securities and Exchange Commission (SEC)'s regulatory onslaught has delayed the cryptocurrency markets' early bull season, according to market experts and on-chain measures.

The price of ether, the second-largest cryptocurrency in the world, plummeted to $1,626 on June 15, its lowest level in three months, presenting investors with an excellent opportunity to increase their ETH holdings.

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As investor confidence returns to the markets, crypto billionaires have amassed millions of dollars worth of ETH and staked ETH (stETH) over the past 24 hours, per data from Spot on Chain.

Approximately 25 hours ago, a wallet address belonging to an unidentified whale reportedly exchanged 20 million USDT stablecoin for 12,100 stETH at an average price of $1,652. Similarly, a whale identified as bobby1337.eth exchanged 2 million USDT for 1,200 units of stETH at an average price of $1,672 approximately 12 hours ago.

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Analysis of Ethereum value

The price of ETH has increased by 2.15 percent over the past twenty-four hours. The current price of ETH is $1,668.75, a decrease of -9.52% over the past week. Current market capitalization for Ether is $200,597,004,866, and there are 120 million ETH in circulation.

The recent decline in ETH price below the key support level of $1,700 indicates a potential adverse trend in the near future. $1,500 is the next level of support to look out for. If ETH fails to maintain support at $1,500, the price may continue to decline toward the $1,000 level.

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On the daily timeframe, the Relative Strength Index (RSI) indicator displays a value of 24.43. This indicates that ETH is currently undervalued. It is uncertain whether ETH will reverse to the upside or maintain its downward trend.