Ethereum News: Ether Eyes Potential Breakout as SEC Revokes SAB 121, Analysts Predict $7K Target

Ethereum (ETH) could be on the verge of a “tactical breakout” after the U.S. Securities and Exchange Commission (SEC) repealed a contentious accounting rule, SAB 121, which had deterred financial firms from offering crypto services, according to 10x Research.In a Jan. 23 report, Markus Thielen, Head of Research at 10x Research, highlighted that the removal of SAB 121 presents a low-risk, high-reward opportunity for ETH investors. “This could be a pivotal moment for Ethereum (ETH), as it can potentially drive the expansion of DeFi services, positioning itself as the backbone of the ecosystem,” Thielen noted.ETH Price Outlook: Analysts BullishCurrently, ETH is trading at $3,325, down from its yearly high of $3,707 reached on Jan. 7. Thielen suggests that if ETH can break above its current triangle formation, it could trigger a major rally, with a prudent stop-loss placed near the recent low of $3,186.Several market analysts remain bullish on ETH’s long-term trajectory. In a Jan. 23 post on X, pseudonymous crypto trader Titan of Crypto stated that a $7,000 ETH price “is inevitable,” while trader Crypto Caesar expects ETH to "explode soon."Key Catalysts for Ethereum's GrowthEthereum co-founder and Consensys founder Joseph Lubin recently cited two major factors that could influence ETH's future performance:Potential Approval of ETH ETFs with Staking Features: ETF issuers remain optimistic about securing regulatory approval for products offering ETH staking, which could unlock institutional demand.Trump Family’s Interest in Ethereum-Based Business: Lubin hinted that the Trump family might expand its involvement in the crypto space by launching a major Ethereum-based venture.With increasing institutional interest and favorable regulatory shifts, Ethereum's price action could see significant upside in the coming months, according to Cointelegraph.