The United States Securities and Exchange Commission (SEC) is waging a regulatory campaign to classify Ethereum, the second most popular cryptocurrency, as a security. Ethereum price could drop to $3,160 amid legal dispute and question of whether ETH is a security.
Ethereum (ETH) price is stuck below the 50% Fibonacci placeholder level and could consolidate in this zone for a while as the network fights against state authorities. Both technical indicators, the RSI and the MACD, are down, with the former breaking below 50, while the MACD is moving below its signal line.
Ethereum price could return to the $3,158 base to sweep liquidity ahead of the next bull run, especially if Bitcoin price continues to show weakness.
However, if the bulls can push Ethereum price above $3,625, a daily candle close above this level will encourage more buying, giving Ether the boost it needs to continue its ascent, potentially potential to peak again above the psychological level of $4,000. Such a move would represent an increase of about 20% from current levels.#hotTrends $BTC $ETH $
