Is it Too Late to Buy Ethereum? ETH Price Falls after Twitter Founder Jack Dorsey Says Ethereum is a Security – Here’s Why yPredict AI Crypto Signals Platform
In the world of cryptocurrencies, stability is a luxury and now Ethereum (ETH), the world’s second-largest cryptocurrency, has found itself at the heart of an escalating debate over regulatory clarity following a wave of enforcement actions by the U.S. Securities and Exchange Commission (SEC).
The SEC recently launched lawsuits against two of the world’s largest crypto exchanges, Coinbase and Binance, alleging they traded assets considered securities without the requisite registration.
The assets implicated in this ongoing controversy include Solana (SOL), Cardano (ADA), Binance Coin (BNB), and Polygon (MATIC), sparking worries over Ethereum’s future price action.
Adding fuel to the fire, Jack Dorsey, founder of Twitter and known Bitcoin advocate, raised eyebrows when he suggested that Ethereum should also be classified as a security.
ETH is not a security? Teach me wizard.
— jack (@jack) June 6, 2023
While the tweet has sparked a fierce debate online, its impact on Ethereum’s price has been unquestionable.
Ethereum’s Price under Pressure: SEC Enforcement Actions and Jobless Claims Influence Market
The suggestion, whether it finds regulatory support or not, however, contributes to a sense of uncertainty that often leads investors to shy away from impacted assets.
Beyond the crypto-specific issues, Ethereum’s price is also feeling the pressure from broader economic factors.
The U.S. Labor Department reported a surge in jobless claims, a clear sign of slowing labor market momentum.
With 261,000 new applications for unemployment benefits, the latest figures came in well above the 235,000 predicted by economists, fueling recession fears and applying downward pressure on Ethereum’s price.
Ethereum Technical Analysis: Will SEC Headwinds Break ETH?
In light of the legal headwinds tearing through the industry, Ethereum is currently trading at $1,844 (+0.66%) as topside resistance seems to be forming an unbreakable ceiling of resistance on the short time frame (STF).
The recent downtick, triggered in part by Jack Dorsey’s comments, has seen Ethereum price slip back below the MA20 for the first time in two weeks.
Price now seems descendant, with more than a month of ranging behaviour risking a decisive move to the downside.
The loss of MA20 support is a big blow to Ethereum bulls, with weeks of tough fought consolidation giving way to fundamental pressures.
Worse still, unlike many other leading cryptocurrencies such as ADA, the downtick has done little to cool-off Ethereum’s RSI oscillator.
On the fence at 48.81 – the RSI offers few clues for price action on the STF.
The MACD offers more clues, showcasing bearish divergence to -1.63, adding to the bearish case for STF movements.
Ethereum Price Prediction: Markets Heading South
With a perfect storm of headwinds rapidly arriving in Ethereum markets, many feel it is only a matter of time until Ethereum is named in the SEC’s cases.
Against a background of a softening US labor market, Ethereum faces an STF upside target at $1,900 (+2.82%) reclaiming poised position above the MA20.
Downside risk is more significant with a return to $1,750 (-5.3%) firmly on the cards if negative sentiment continues to grow.
This leaves Ethereum facing a risk: reward ratio of 0.53 – a troubling STF price prediction.
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