Security or not, Ether looks poised to hold the $1.8K level based on 3 key metrics
Ether’s price retested $1,780 after the news of the United States Securities and Exchange Commission (SEC) suing cryptocurrency exchanges Binance and Coinbase, but it’s not preposterous to suggest that Ether bulls should be more than happy that its price did not break below the 67-day support.
The SEC’s actions are actually a double-edged sword for Ether (ETH), and on Crypto Twitter, some analysts attributed the bounce in Ether to its not being listed as a security in either of the cases brought against Binance and Coinbase. For instance, the SEC explicitly mentioned BNB (BNB), Solana (SOL) and Cardano (ADA), which are direct competitors to Ethereum’s smart contract-processing capabilities.
However, as noted by analyst Jevgenijs Kazanins, Ether’s omission does not mean that it has the green light from the SEC.
SEC did not mention #ETH in the list of tokens that it considers to be securities when suing Coinbase and Binance. Could it be that the SEC is working on a separate lawsuit targeting Ethereum Foundation?
Kazanins raises the question of whether the SEC could be targeting the Ethereum Foundation in a separate lawsuit. For now, the idea is a mere unfounded speculation, but it certainly has merit given that SEC Chairman Gary Gensler refused to answer questions about Ether’s status before the U.S. House Financial Services Committee in April 2023.
In the meantime, what traders can focus on is Ether’s price action, network data and other data that impacts investor sentiment and price in the short term.
Total value locked (TVL) measures the deposits locked in Ethereum’s decentralized applications (DApps), which have been in a downtrend since mid-March. The indicator reached a 14.35 million ETH bottom on June 3 but bounced back
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