Surprisingly, the US Securities and Exchange Commission (SEC) has filed a lawsuit against the company behind MetaMask, with a particular focus on Ethereum (ETH). This lawsuit has exposed rumors of legal action surrounding Ethereum being put on hold and has had a significant impact on market sentiment.
What happened with Ethereum?
The SEC’s action has 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 of below $3,000. Conversely, if the support level of the EMA20 remains unchanged, it is possible to 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?
After the drop in Bitcoin prices caused a severe market downturn, BNB Coin is facing difficulties. Although the bulls are defending the support level of $560, there is still strong selling pressure around the 20-day moving average area of $594. If the price falls below $560, it may further drop to $536 or even $495. However, if buyers intervene at lower levels, it is still possible to rebound to $635.
Solana’s unfortunate streak
The price of Solana (SOL) has fallen by 6% in the past 24 hours, despite two major ETF issuers applying for a SOL spot ETF. These issuers are encouraged by the approval of the ETH ETF and aim to bring Solana to US exchanges. Although the RSI indicates a balanced market, breaking through the $156 mark may pave the way for levels of $175 and $189. If not, the target may be $116.
Investors’ key insights
According to the SEC’s lawsuit, Ethereum may experience significant volatility. The price fluctuations of BNB Coin are closely related to the performance of Bitcoin. The ETF news of Solana may create market opportunities in the current economic downturn.
Consequences
The SEC’s lawsuit against MetaMask’s parent company has made the cryptocurrency market uneasy, especially regarding Ethereum. Meanwhile, due to the overall market downturn, BNB Coin is facing challenges, and Solana’s recent ETF development has 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 that cryptocurrencies are highly volatile and therefore carry risks and should conduct their own research.
