In a video that began to circulate on social media, SEC Chairman Gary Gensler Ethereum and the words that there is no “securities” for Bitcoin drew attention.
Ethereum, like many of its predecessors, had a bad week following heavy pressure from the US SEC on the crypto market and is currently continuing to consolidate. As Coinbase, Binance and foundations of popular crypto assets such as ADA, SOL and MATIC begin their own legal battles, investors are keeping a close eye on the news to make a choice regarding their crypto portfolios.
With this, Ethereum price To close the gap to $1,800, it must first surpass the $1,760 resistance. On the optimistic view, the Moving Average Convergence Divergence (MACD) indicator gives a lively buy signal.
Traders seeking new long positions in Ethereum price will be encouraged to activate their orders as long as the blue MACD line stays above the red signal line.
According to data from Santiment, with the effect of the SEC’s increasing pressure on Binance and Coinbase diminishing, cryptocurrency indicates that the market may begin to rise. Continuation of the recovery “until the next development of the cases” Waiting.
👨⚖️ With traders still very much aware of the #SEC going after #Binance and #coinbase, the mass hysteria has at least settled down. Until the next developments with the arguments, we could see some gradual rising of prices back to pre-crash levels. https://t.co/Za7tchgeUx pic.twitter.com/BSZEHrjQNP
— Santiment (@santimentfeed) June 12, 2023
Moreover, most altcoin It experienced extreme capitulation last week and resulted in losses for many traders and investors. The sharp price drop will likely trigger increased accumulation among whales. If this accumulation trend continues, “there is reason to believe that a strong recovery could occur,” Santiment says.
Analyst Chose Altcoin: “I’m Accumulating XRP and This Coin!”
According to a related article published by Cointelegraph, Gary Gensler was then a lecturer at the prestigious Massachusetts Institute of Technology (MIT). The footage is about two years before he was promoted to Chairman of the Securities and Exchange Commission (SEC).
You can follow the current price action here.