Ethereum Price Prediction as SEC Launches Campaign to Classify ETH as a Security – Will ETH Drop Below $1,000?
Ethereum Price Prediction
As of the latest market update, Ethereum (ETH/USD) has exhibited a commendable performance, rising by nearly 5% to a price of $3,495.
This surge is supported by a substantial trading volume of $28.85 billion, reinforcing Ethereum’s status as the second-largest cryptocurrency with a market capitalization nearing $419.64 billion.
The circulating supply stands at 120 million ETH coins, out of a capped total of 21 million coins.
Ethereum Faces SEC Scrutiny: A Pivotal Moment for Crypto Regulation
Recent actions by the SEC, including issuing subpoenas to U.S.-based companies for information on their interactions with the Ethereum Foundation, signal a strong push towards regulation.
The ambiguity surrounding Ethereum’s status, especially with SEC Chair Gary Gensler’s reluctance to clarify its position post-transition, adds to the uncertainty.
If Gary looks slim, it’s because he’s been eating nothing but his own words since 2018.
“Bitcoin. Ether. Litecoin. Bitcoin Cash. Why did I name those four? They’re not securities.”
“Three-quarters of this market is probably not securities.” pic.twitter.com/wdgWcxw4h4
— Sam Lyman (@SamLyman33) June 12, 2023
Despite previous non-security classifications and the approval of Ether futures ETFs, the absence of a clear stance on spot ETH ETFs — expected by May — leaves the market in anticipation.
SEC’s investigation: Targets the Ethereum Foundation, potentially aiming to classify ETH as a security.
Impact on the market: Uncertainty looms as the regulatory landscape could shift, affecting Ethereum’s price and broader crypto market dynamics.
The outcome could also strain the relationship between the SEC and the U.S. Commodity Futures Trading Commission, amid ongoing legislative efforts to define regulatory boundaries for digital assets.
With the possibility of Ethereum falling under stricter regulation, the crypto community awaits decisive action, which could redefine Ethereum’s trajectory and its standing within the digital asset space.
Ethereum Price Prediction
Ethereum’s technical levels spotlight a pivot point at $3,562. Resistance levels are identified at $3,673, $3,807, and $3,931, whereas support can be found at $3,411, followed by $3,228 and $3,062.
The Relative Strength Index (RSI) stands at 54, with the 50-Day Exponential Moving Average (EMA) at $3,607, suggesting a cautiously optimistic momentum.
Ethereum Price Prediction – Source: Tradingview
However, a double top pattern near $3,560, alongside a closing Doji candle below this level, hints at potential bearish corrections.
Therefore, the current sentiment for Ethereum is bearish below $3,560, but crossing above this threshold could pivot to a more bullish outlook.
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Key Highlights:
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As Sponge V2 prepares for its exchange listing, it stands out in the meme coin category for its unique staking advantages and P2E gaming options.
This is a crucial moment to engage with $SPONGE, ensuring participation in Sponge V2’s growth trajectory before it embarks on its next developmental stage.
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