Ethereum Price Prediction Following SEC's Exemption of ETH as a Security in Binance Lawsuit – Time to Buy?
The price of Ethereum (ETH) has dropped by 3% in the past 24 hours, slipping to $1,816 as the cryptocurrency market reels from the news that the SEC has sued Binance and its founder Changpeng Zhao with 13 violations.
ETH hasn't been as badly affected as other cryptocurrencies by this news, with the altcoin down by 4.5% in the past week, but still up by 51% since the beginning of the year.
And in contrast to other altcoins, ETH has arguably benefitted from not being named as an unregistered security in the SEC's charges against Binance, with such rivals as Cardano (ADA), Algorand (ALGO), Solana (SOL) and Cosmos (ATOM) being included (and suffering more as a result).
As such, once the dust has settled on the SEC's latest legal action, ETH could find itself recovering more strongly than many other utility tokens, particularly when combined with an increase in staking.
ETH's indicators are all in a pretty weak position right now, in line with the rest of the market.
This includes its relative strength index (purple), which declined below 30 yesterday and has only just begun creeping slowly back up.
Similarly, ETH's 30-day moving average (yellow) is now dropping sharply towards its 200-day average (blue), and is likely to fall below the longer term average in a few days, at which point a rebound is due.
It's possible that ETH won't fall much further in price than it already has, in that its support level (green) has held up fairly well around $1,800.
And unlike BNB and various other coins which have been named in the SEC's charges against Binance, ETH has effectively been provided with a clear path towards recovery.
In addition to BNB and Binance USD (BUSD), the altcoins cited as securities in the SEC's complaint are the following:
It'
Read more on cryptonews.com
