Ethereum (ETH) continues to be a focal point in the cryptocurrency market, with news ranging from regulatory battles to scaling solutions and investor sentiment.

SEC Lawsuit Casts Shadow Over Ethereum

Ethereum co-founder Joseph Lubin accuses the SEC of hindering innovation by suing Consensys over the classification of Ether (ETH) as a security. Lubin suggests the SEC’s renewed enforcement actions may be timed to influence their decision on approving Ether spot ETFs.

A win for Consensys in the lawsuit could provide much-needed clarity for the entire crypto and tech industry in the US.

Ethereum Scaling Solutions Gain Traction

Investment giant Franklin Templeton lauds Base, an Ethereum Layer 2 solution, for its dominance in the SocialFi market.

Coinbase aims to onboard a billion users with its Ethereum Layer 2 Base blockchain, leveraging interoperability and USDC (USDC) for secure Web3 access. Coinbase envisions a future where tokenized assets enable direct trading without relying on the US dollar as an intermediary.

Investor Confidence Remains High

Renowned author and investor Robert Kiyosaki highlights the potential of Ethereum alongside Bitcoin (BTC) as hedges against a weakening US dollar. Kiyosaki urges investors to seek alternative investments like cryptocurrencies to protect their wealth.

ETH/USD Technical Analysis: Key Levels to Watch

• Support: Analysts predict a potential test of support levels in the near future. Key support levels to watch include $2,905.30, $2,800.00, and $2,623.80. Holding above $3,132.80 is crucial to avoid a downward trend.
• Resistance: If the price shows bullish momentum, resistance levels to watch sit at $3,110.00 and $3,360.31. A break above $3,360.31 could signal a return to the main bullish trend.