• The Ethereum price has slipped by 0.3% in the past 24 hours, while keeping to the $1,800 support level it has held for several months now.
• ETH remains up by 53% since the start of the year and its chart suggests that it is near a point where it will be ready to rise yet again.
• The SEC does regard Coinbase’s ETH staking service as an unregistered security offering, but Ethereum itself was not mentioned as a security in today’s SEC lawsuit.
Ethereum Price Prediction
The Ethereum price has slipped by 0.3% in the past 24 hours, while keeping to the $1,800 support level it has held for several months now. At $1,834, ETH is down by 2.5% in a week following legal actions from the SEC that have served to depress pretty much the entire cryptocurrency market. Despite its falls, ETH still remains up by 53% since the start of 2021 due to its introduction of staking withdrawals and general development which have helped it become one of the best-performing major cryptocurrencies recently.
ETH Chart Analysis
ETH’s chart suggests that it is nearing a point where after this week’s shocks it will be ready to rise once again. Its relative strength index (purple) has returned back to 50 after dropping close to 20 indicating being oversold while its 30-day moving average (yellow) is falling towards its 200-day (blue). When this occurs and reaches a bottom line then ETH could experience a rebound in price action.
Long Term Support Level
This point may not be too far into the future with ETH’s support level (green) holding at around $1,800 and even appearing to increase slightly – suggesting that further falls may not occur any time soon from here on out. This provides optimism for Ethereum investors as compared with other layer-one utility tokens such as Solana, Cardano and Cosmos which were cited as securities in charges against Binance and Coinbase – meaning they are potentially facing delisting from US exchanges whilst Ethereum should remain open for trading in these regions going forward.
SEC Charges Against Coinbase
The SEC does however regard Coinbase’s ETH Staking Service as an unregistered security offering which violates Section 5 of their Securities Act – showing that even though Etheruem itself was not mentioned specifically as a security there are still risks involved with certain services offered related to it such as staking programs etc..
In conclusion then despite this week’s falls seen across most crypto markets there appears some hope for Ethereum investors with technical indicators showing potential upside ahead whilst also avoiding many of risks faced by other top layer-one utility tokens regarding delisting from various exchanges due to potential securities violations etc..