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SEC Raining Down On Ethereum: Is This The Blow That Will Push ETH Below $3,000?

Ethereum prices are choppy and have been moving horizontally in the past few trading days. Even though there are signs that prices could recover, blasting above local liquidation levels, bulls are still struggling. As it is, the coin is within a bear breakout formation, and $3,000 is a crucial psychological round number to watch closely. On the upper end, the coin is facing strong rejections at $3,300 and $3,700.

At press time, Ethereum is stable. There are elements of strength. However, this will only show once there is a strong breakout above the immediate support levels. If trading volumes expand, the better for bulls. Currently, participation remains decent but lower than the March 2024 average.

Ethereum Daily Chart for April 26

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The following Ethereum news will impact price action in the days to come:

  • Yesterday, ConsenSys fired back at the United States SEC, suing the agency via a Texas court. The company is particularly aggrieved by the SEC’s decision to categorize, though not officially, ETH as a security. They insist that ETH bears no attributes of a security, adding that the agency, in the past, classified the coin in the same category as Bitcoin.
  • In other news, the United States SEC has accused MetaMask, a non-custodial wallet by ConsenSys, of acting as an unregistered Broker-Dealer. Even so, MetaMask, it should be noted, doesn’t control user funds but acts as an interface for accessing the Ethereum blockchain.

Ethereum Price Analysis

ETH/USD is, from a top-down preview, bullish.

However, sellers have been in control in the past few trading days. Still, prices remain within a tight range above $3,000 but below the all-important short-term trigger at $3,300 and $3,700 on the upper end.

Without a decisive close above these levels, sellers remain in control, and prices could align with the April 13 bear bar.

Bulls should hold tight, expecting a sharp push above $3,300 before looking for entries, targeting $3,700.

If not, any dump below $2,800 invalidates this outlook.

 

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ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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