Ethereum (ETH) Price Recovers 7% Amid SEC’s Issue – Can Price Hit $4,000?
On Monday, March 18, Ethereum native token ETH dropped closer to $3,200 as challenges caused by government regulation harmed the market. Based on reliable sources, the expected ETH spot ETFs will likely not be approved by the SEC in May again.
However, despite this news and the negative sentiment it has caused, the price is gradually recovering now. 06:38 ETH is above $3,500, indicating a 24-hour increase of more than 6%. This suggests there's still confidence and demand in the market for Ethereum.
But, considering the SEC's power and influence on crypto assets, can ETH's price reach $4,000 by Q2? Read on to find out.
Ethereum's Strength Against SEC ScrutinyIn a surprising turn of events, the SEC considers Ethereum a security, just like they did with XRP. This could make trading Ethereum harder in the U.S., with more rules and paperwork.
Also, businesses using Ethereum might have to deal with stock-like regulations, making things tricky.
If Ethereum becomes a security, it might be delisted on some exchanges or might move to platforms for securities. This news could make investors nervous and cause them to sell, causing the price to drop. Already, Ethereum's price reacted to these ideas, showing ups and downs.
But some known persons in the space are defending the digital, saying it's not a security. Coinbase's CLO, Paul Grewal, shared some information regarding the Ethereum issue via the X platform.
Ex. A. Senior SEC officials have said ETH is not a security, see e.g. SEC Director of Corporation Finance Hinman's statement https://t.co/efXqCx4iyw 3/10
- paulgrewal.eth (@iampaulgrewal) March 20, 2024
The legal officer asserted that millions of U.S. citizens have held this coin since its launch in 2015. Therefore, it will be hard to classify this coin as security. Instead, Grewal said, ETH is a commodity." Further, he added a restricted document where an SEC senior officer said the coin is not a security.
Given the evidence in Grewal's hand, it may be hard for the SEC to win any legal battles with Ethereum. Apart from Grewal, Anatoly Yakovenko, the cofounder of Solana, also supported Ethereum. Taking to the X platform a few hours after Grewal's post, he said,
If the state is against Ethereum, then I am against the state.
If the state is against ethereum then I am against the state
- toly
(@aeyakovenko) March 21, 2024
Crypto enthusiasts should understand that even if the SEC imposes limits, people outside the U.S. could still trade Ethereum. Also, considering the current price gains, investors are seemingly not worried about the SEC problems.
Ethereum Token Price Analysis: Bulls on the RiseRecent news about plans to call Ethereum a security" caused its price to dip. But the chart below shows green candles climbing back up, suggesting a recovery from that bearish mood.
Also, Ethereum is still above both the 50-day and 200-day Simple Moving Average (SMA) lines. That's like a big thumbs-up from the market, indicating confidence in the coin's potential. The red bars in the MACD are getting fainter. This means the bearish vibe is fading, making room for a more positive outlook.
Now, the RSI is hanging out at 51. It's in the middle ground. Not too overbought, not too oversold. This suggests there's still room for growth without things getting too crazy.
Plus, the price is heading toward the moving average line of the Bolinger Band indicator. It could signal a bullish trend ifthe bulls keep pushing and breaking through that level. So, should investors buy Ethereum now or hold off?
Based on this analysis, things are looking up. The indicators are showing positive signs, and if the momentum keeps going, it could be an excellent time to buy in. But remember, nothing is guaranteed in the crypto market. So, trade with caution.
Meanwhile, there's another gem flying under the radar, promising potential gains. Investors scared of the SEC's influence should consider this low-cap project before it starts mooning.
Ethereum Alternative Smog Set for Binance Listing - Time to Bag?
Since Smog was introduced into the Solana ecosystem, it has been on a bullish ride, surging more than 1339%. This significant surge is because the project has a clear purpose, and a lot of exciting stuff is planned for the future.
Also, there have been rumors that Binance will soon list the coin on its platform.
Also, there'll be potential token burning that will reduce the number of tokens in circulation. Further, prominent YouTubers like Jacon Bury and Matthew Perry have announced the coin has the potential to be the next 100x crypto in the Solana ecosystem. All these have created excitement within the community, causing the token price to climb.
Why Should You ADD Smog to Your Portfolio?Firstly, SMOG's small market capitalization and cool dragon theme make it stand out. It's not just another cryptocurrency; it's got personality. Plus, the potential listing on Binance could mean big things for its value. This March, it shot up from $0.16 to $0.25, 56% in just one day.
This kind of growth has caught the eye of big investors, and they're now making hefty purchases. Secondly, SMOG has a strong community behind it, which means stability and support for a coin's value.
Even though it's still new, it already has over 50,000 holders and a thriving social media presence, with 34,000 Twitter followers and over 17,000 members in its Telegram group.
Lastly, SMOG is currently doing airdrop campaigns and teaming up with partners like Zealy for fun quests. This will keep holders interested and encourage them to stick around for the long term.
Overall, SMOG's combination of growth potential, community strength, and innovative engagement tactics makes it worth considering for those looking to diversify their altcoin holdings.
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