Ethereum Price Rebound After SEC Exemption, Altcoins Bear the Brunt- Is it Time to Invest?

Join Our Telegram channel to stay up to date on breaking news coverage

Ethereum (ETH) prices have shown signs of recovery despite the U.S. Securities and Exchange Commission (SEC) and its lawsuit against Binance. The SEC exempting Ether from its list of cryptocurrencies that are deemed to be securities has fueled market participants’ optimism.

However, the lawsuit’s impact on other altcoins, including major Ethereum competitors, has led to negative sentiment in the overall crypto market. Despite this, the Ethereum ecosystem remains resilient, as evidenced by a steady influx of new holders attracted to Ethereum staking.

Ethereum’s Resilience Shines Through Staking, But Regulator Clampdown Weighs On ETH

Ethereum’s staking queue remains unaffected amidst the SEC lawsuit, attracting a steady influx of new holders. This demonstrates the community’s confidence in Ethereum’s future, even in the face of fear, uncertainty, and doubt (FUD) tactics employed against it. The sustained interest in staking underscores the strength and resilience of the Ethereum ecosystem.

Source: Nansen

Last week, the SEC filed a lawsuit against Binance and its founder, Changpeng Zhao. Within the lawsuit, the SEC declared more than ten cryptocurrencies securities. These include Binance Coin (BNB), BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, and AXS.

Consequently, these cryptocurrencies experienced a significant decline in value, casting a negative sentiment over the entire crypto market, including Ethereum. Notably, several altcoins from this list are direct competitors to Ethereum, such as Solana, Cardano, Algorand, and Cosmos. As a result, ETH faced selling pressure, dropping approximately 14% from its monthly opening.

Bitcoin and Ethereum Balances on Binance Plummet

Glassnode data reveals a substantial decrease in Bitcoin (BTC) and Ethereum balances on Binance following the SEC charges. Specifically, the Ethereum balance plummeted from 4.56 million to 4.2 million, representing a total withdrawal of 360,000 ETH.

BTC ETH Binance Balances
Source: Glassnode

Nevertheless, Ethereum’s exemption from the regulator’s name-calling boded well for the Proof-of-Stake (PoS) token regarding market confidence. Despite the SEC lawsuit’s shadow, Ethereum finds leverage in being exempted from the securities classification. Market participants recognize the limited significance of the regulator’s news on Bitcoin and Ethereum.

ETH CryotoQuant
Source: CryptoQuant

This acknowledges that the label primarily affects token projects relying on American funding and retail investors.

ETH/USD Price Analysis

In the last 24 hours, Ethereum price has shown a positive recovery of +1.54%, reaching $1671. The support level at $1,670 has successfully held Ethereum price from further downward movement, indicating a potential stabilization of prices. This is supported by the position of faded Moving Average Convergence Divergence (MACD) histograms below the zero line, strengthening the signal. Additionally, the Relative Strength Index (RSI) has entered oversold territory, suggesting a possible price rebound.

TradingView Chart: ETH/USD 1-Day Chart

If bullish pressure increases and Ethereum price surpasses the 200-day Exponential Moving Average (EMA) line (blue), initial resistance can be expected at $1,782. This is slightly below the 50-day EMA line (red). Subsequently, the next resistance level would be encountered at the trendline before reaching the target of $2,015.

On the downside, the critical support level lies at $1,570. A decisive break and close below this level could trigger significant bearish pressure. This would potentially drive Ethereum price toward $1,356. Further downside momentum could then push prices toward the next critical support level at $1,237.

Despite the overall downward trendline, the current support suggests a willingness of bulls to defend Ethereum, indicating the possibility of a price recovery.

ETH Alternative

While Ethereum is showing signs of recovery, one alternative coin is making successful funding in Presale with its eco-friendly fundamentals – Ecoterra.

Ecoterra: Empowering Individuals to Make a Positive Environmental Impact

Ecoterra is a groundbreaking project that aims to simplify recycling and combat global warming. With its innovative approach, Ecoterra encourages individuals to actively participate in recycling while earning passive income. Ecoterra provides a platform for users to contribute to a sustainable future through its user-friendly app, carbon offset, and recycled materials marketplaces.

The Recycle2Earn (R2E) app by Ecoterra rewards users for their recycling efforts. By simply contributing recyclable items, users can earn Ecoterra tokens. This user-friendly app makes recycling accessible and engaging, motivating individuals to make a positive environmental impact.

Ecoterra’s carbon offset marketplace allows users to offset their carbon footprint. By using Ecoterra or other cryptocurrencies, users can contribute to carbon-offsetting initiatives. This tangible action empowers individuals to make a meaningful impact on the environment, mitigating the effects of climate change.

Businesses can enhance their sustainability efforts through the recycled materials marketplace by purchasing recycled plastic, glass, or aluminum materials. Using Ecoterra or other cryptocurrencies, businesses can make eco-friendly purchases, promoting a circular economy and reducing waste.

Ecoterra provides users with an impact-trackable profile, enabling them to monitor and showcase their positive environmental actions. Businesses can enhance their brand image and cultivate customer loyalty by demonstrating their commitment to sustainability.

Utility of Ecoterra Tokens

Sustainable Product Marketplace: Everyday Eco-friendly Purchases:

Ecoterra tokens can be used in a dedicated marketplace within the app to purchase sustainable and environmentally-friendly products for everyday use. This empowers users to make conscious choices and support sustainable businesses.

Staking for Passive Income, Earn While Making a Difference:

Users can stake their Ecoterra tokens to earn passive income. This unique feature encourages token holders to support the project and allows them to benefit financially while contributing to environmental sustainability.

Supporting Tree-Planting and Green Initiatives:

Ecoterra has partnered with verified tree-planting campaigns on multiple continents. By donating tokens, users can contribute to these initiatives and help combat deforestation while promoting oxygen production. Ecoterra also supports green projects and invests in adopting renewable energy technologies worldwide, reducing carbon footprints, and preserving natural resources.

Educational Programs, Inspiring Action for a Sustainable Future

Ecoterra actively promotes educational programs to raise awareness about climate change. Users can donate their Ecoterra tokens to fund these initiatives, inspiring the younger generation to take action and care for the environment. Through strategic partnerships with platforms like Udemy, Ecoterra aims to reach a wider audience and deliver impactful educational content effectively.

Ecoterra Achieves Remarkable Milestone: $5.1 Million Raised in Presale!

Ecoterra token celebrates a significant milestone with $5.1 million raised in its presale! As a token of appreciation, users are rewarded with carbon credits as NFTs for their green initiatives.

These NFTs can be sold or traded, creating a unique opportunity to engage with sustainability and promote environmental awareness. Ecoterra’s success highlights the growing support for addressing climate change and the importance of individual contributions.

By combining innovative rewards and the power of NFTs, Ecoterra is empowering users to positively impact the environment while fostering a greener future.

Related News

Wall Street Memes – Next Big Crypto

Wall Street Memes
  • Early Access Presale Live Now
  • Established Community of Stocks & Crypto Traders
  • Featured on BeInCrypto, Bitcoinist, Yahoo Finance
  • Rated Best Crypto to Buy Now In Meme Coin Sector
  • Team Behind OpenSea NFT Collection – Wall St Bulls
  • Tweets Replied to by Elon Musk
Wall Street Memes

Join Our Telegram channel to stay up to date on breaking news coverage

Source link

You might also like

Comments are closed.