In a surprising development, the U.S. Securities and Exchange Commission (SEC) has initiated legal proceedings against the company behind MetaMask, focusing specifically on Ethereum (ETH). This lawsuit has debunked rumors that the legal battle around Ethereum had been put on hold, and has significantly impacted market sentiment.
What’s Happening with Ethereum?
The SEC’s action has led to a negative market sentiment, with bearish investors targeting closures below $3,200 for Ethereum. Should they succeed, new lows under $3,000 could be reached. Conversely, a potential rally to $3,730 is possible if the support at the EMA20 level holds. This situation has created a pivotal moment for Ethereum’s future trajectory.
Why Is BNB Coin Struggling?
BNB Coin has faced difficulties following a significant market downturn triggered by Bitcoin’s price drop. Although bulls are defending the $560 support level, strong sales pressure remains in the 20-day EMA region around $594. If the price falls below $560, it may decline further to $536 or even $495. However, a bounce-back attempt to $635 remains possible if buyers intervene at lower levels.
Solana’s Unlucky Streak
Solana (SOL) has seen a 6% price drop over the last 24 hours, despite two major ETF issuers applying for a spot SOL ETF. These issuers, encouraged by the approval of ETH ETFs, aim to bring Solana to US exchanges. Although RSI suggests market balance, breaking the $156 mark could pave the way for levels of $175 and $189. Failure to do so could see a target of $116.
Key Insights for Investors
- Ethereum may experience significant volatility based on SEC’s lawsuit outcome.
- BNB Coin’s price fluctuations are heavily tied to Bitcoin’s performance.
- Solana’s ETF news could create market opportunities despite recent downturns.
Result
The SEC’s lawsuit against MetaMask’s parent company has unsettled the cryptocurrency market, particularly affecting Ethereum. Meanwhile, BNB Coin faces challenges due to market-wide downturns, and Solana’s recent ETF developments present both risks and opportunities. Investors should closely monitor these developments to make informed decisions.
