๐ Ethereum Outlook and SEC Probe Overview:
๐ Price Projection: Technical indicators suggest Ethereum ($ETH ) could surpass $5,400 this year.
๐ Mayer Multiple Analysis: Indicates the potential for Ether to reach the upper band of the indicator.
๐ฐ Current Price: Trading at $3,300, down over 10% in the past week.
๐ Market Downturn: Bitcoin's plunge from an all-time high contributes to the broader cryptocurrency market decline.
๐ต๏ธโโ๏ธ SEC Investigation: Probing Ethereum's classification as a security, casting doubt on spot ETF approval.
๐ Subpoenas: Demanding documents from firms related to dealings with the Ethereum Foundation.
๐ผ Coinbase Response: Criticizes the SEC's investigation, citing previous acknowledgments of ETH's non-security status.
๐๏ธ Gensler Testimony: Refers to previous classification of ETH as a commodity rather than a security. ๐๐ผ๐ ๏ธ #HotTrends