The broader crypto market suffered bearish sentiment following Bitcoin’s fall below $70,000. Ethereum ($ETH) and other altcoins were also affected due to the high selling pressure in the market.
The particular reason for ETH’s price drop was due to the recent claims from the United States SEC.
Based on sources, the commission asserted that ETH should be recognized as a “Security.” In the past week only, ETH has lost more than 5% of its price. But, looking at the longer timeframe (30 days), ETH displays bullish sentiment, up by 16%. Also, its fear and greed index suggests bullish (greed), sitting above 70.
This could imply that there’s a lot of buying activity and confidence in the market. Further, the backing from top industry experts is also providing investors assurance that the coin will likely come back. But how fast will this happen, and what factors could help the coin bounce back? Read on to find out.
Ripple CEO Challenges SEC Again for Ethereum on Matter – Details
Ripple CEO Brad Garlinghouse entered the news again to speak out against the U.S. Securities and Exchange Commission (SEC). According to Garlinghouse, the SEC is making a mistake trying to label Ethereum (ETH) as a security, just like they did with Ripple’s XRP token.
The SEC picked fights with the industry and is losing badly in the Courts. They’re now fighting fellow regulators like the CFTC, and falling behind international counterparts. At what point will the SEC realize they will lose the war against ETH just as they lost against XRP? https://t.co/rG66npldf4
— Brad Garlinghouse (@bgarlinghouse) March 21, 2024
Garlinghouse’s comments come after a
sparked by Coinbase’s Chief Legal Officer, Paul Grewal, who criticized the SEC’s possible move to change Ethereum’s status.
In the social media thread, Grewal argued against the SEC’s doubts about Ethereum’s status, pointing out the SEC’s mixed messages and Ethereum’s recognition as a commodity.
He criticized the SEC’s attempt to block Ethereum ETF applications, saying U.S. investors need clear rules. Garlinghouse joined the conversation, saying the SEC is only picking fights and still losing in court. He warned the SEC they’ll lose against Ethereum, too, just like they did against XRP.
These debates can affect Ethereum’s price and how investors feel. If the SEC backs down, it could remove uncertainty, making investors more likely to buy Ethereum. Also, considering the popularity and nature of ETH, even if the SEC refuses to back down from its claims, the price may not crash.
This is because, recently, Ethereum developers launched a campaign called “Pump the Gas.” The aim is to make Ethereum transactions faster and cheaper by raising the gas limit.
Can Ethereum Developer’s “Pump the Gas” Campaign Change the Price Trajectory?
A few days ago, Ethereum’s core developers kicked off the “pump the gas” campaign to boost the blockchain’s gas limit from 30 million to 40 million. This gas limit has been set at 30 million since August 2021.
According to the developers, this move aims to slash transaction fees on Ethereum’s main layer by 15% to 33%. This will make transactions cheaper and faster. This idea came from a big Ethereum developer, Eric Connor, and Mariano Conti, who used to lead smart contracts at MakerDAO.
Today, @nanexcool and I are launching an effort to help raise the Ethereum gas limit from 30mn to 40mn
This can result in a 15-33% reduction in L1 tx fees
We are calling on solo stakers, client teams, pools and community members to help#pumpthegas https://t.co/TYoyI35cle
— eric.eth (@econoar) March 19, 2024
These individuals want to make Ethereum able to handle 33% more transactions every day. Based on the source, they’ll achieve this through a newly developed website.
Lower transaction fees mean more people can use Ethereum, increasing its utility and potentially boosting demand.
If successful, this initiative could drive up Ethereum’s price as investors see it becoming more accessible and efficient. Adding to this positive factor, the technical indicators are also signal bullish.
Ethereum Price Analysis – Opportunity Amidst Uncertainty
Ethereum’s token, ETH, has seen a bearish trend this week, clearly visible on the trading chart. However, technical indicators are still showing bullish signals. This could mean that while prices have been decreasing lately, there’s potential for a turnaround.
The market is currently positioned above both the 50-day and 200-day Simple Moving Average (SMA) lines. This suggests that ETH is in a generally positive trend despite recent dips. If the momentum can be sustained, the price can increase to its previous high, which is over 18% from its current price of $3441.
Additionally, the red histogram bars, indicating bearish momentum, are fading. This also implies that the strength of the bearish trend might be decreasing. For investors, this situation poses a decision: whether to buy ETH now or wait for clearer signals from the technical indicators.
Buying now is taking advantage of the potentially positive trend signaled by the SMA lines and weakening bearish momentum. On the other hand, it might be more prudent to wait until the indicators provide more definitive confirmation of a bullish trend before making a move.
However, while the indecision remains, another opportunity is available in a low-cost crypto project that is creating buzz in the market.
Doge20 Token Sparks Frenzy: Potential 100X Surge Expected with Listing
Meme coins have become really popular lately. People are investing in them, especially after seeing how successful coins like Pepe and Sponge were in 2023. Since the start of 2024, meme coins have been spiking to the moon, with some making over 100 times their previous value.
Platforms like Smog Token, Bonk, and DogWifHat also make huge gains. However, there’s a new kid on the block called Dogecoin 20, a meme coin based on dogs. The coin has already raised over $5.8 million in just a few days since its presale started.
This new coin is getting a lot of attention and could make early investors a ton of money, maybe even 100 times what they put in. So, it’s definitely something to keep an eye on.
Visit Dogecoin 20 Presale
Dogecoin 20 is based on Ethereum and uses smart contracts for staking, allowing users to earn DOGE20 coins. Moreover, this staking feature will help the network grow and make the token scarce over time. The speed of the presale shows that investors really love the project. Currently, you can buy this token at a rate of $0.000206.
However, this price will increase in less than three days. So, act now to get the token at a discounted price. To get DOGE20 coins, go to the official website and exchange them with your ETH or USDT. You can also buy them using regular money or BNB tokens.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechReport – https://techreport.com/crypto-news/ethereum-eth-price-sinks-as-u-s-sec-issue-flames-up-will-eth-bounce-back-following-experts-backing/