Surprisingly, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the company behind MetaMask, with a specific focus on Ethereum (ETH). This lawsuit has debunked rumors of pending legal action surrounding Ethereum and has had a significant impact on market sentiment.
What has happened with Ethereum?
The SEC’s actions have led to negative market sentiment, with bearish investors setting Ethereum’s closing price below $3,200. If they succeed, it could reach a new low below $3,000. Conversely, if the support level at EMA20 remains intact, there is a possibility of a rebound to $3,730. This situation creates a critical moment for Ethereum’s future trajectory. Visit COINTURK FINANCE for the latest financial and business news.
Why is BNB Coin struggling?
Following a significant market slump triggered by Bitcoin’s price drop, BNB Coin is facing challenges. Despite bulls defending the $560 support level, there is still strong selling pressure around the 20-day moving average area of around $594. If the price falls below $560, it could further decline to $536 or even $495. However, if buyers intervene at lower levels, there is still a possibility of a rebound to $635.
Unfortunate setback for Solana
The price of Solana (SOL) has dropped by 6% in the past 24 hours, despite two major ETF issuers applying for a SOL spot ETF. These issuers were encouraged by the approval of ETH ETFs and aimed to introduce Solana to U.S. exchanges. Although the RSI indicates a balanced market, breaking the $156 level could pave the way for $175 and $189. If not, the target could be $116.
Key insights for investors
Based on the outcome of the SEC’s lawsuit, Ethereum may experience significant volatility. The price fluctuations of BNB Coin closely correlate with Bitcoin’s performance. The news of Solana’s ETF could create market opportunities amid the recent economic downturn.
Consequences
The SEC’s lawsuit against the parent company of MetaMask has unsettled the cryptocurrency market, particularly affecting Ethereum. Meanwhile, BNB Coin faces challenges due to the overall market downturn, and Solana’s recent ETF developments present both risks and opportunities. Investors should closely monitor these developments to make wise decisions.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies, which entails risks, and should conduct their own research.
