Last updated: March 21, 2024 13:33 EDT | 3 min read

As of the latest market update, Ethereum (ETH/USD) has exhibited a commendable performance, rising by nearly 5% to a price of $3,495.

This surge is supported by a substantial trading volume of $28.85 billion, reinforcing Ethereums status as the second-largest cryptocurrency with a market capitalization nearing $419.64 billion.

The circulating supply stands at 120 million ETH coins, out of a capped total of 21 million coins.

Recent actions by the SEC, including issuing subpoenas to U.S.-based companies for information on their interactions with the Ethereum Foundation, signal a strong push towards regulation.

The ambiguity surrounding Ethereums status, especially with SEC Chair Gary Genslers reluctance to clarify its position post-transition, adds to the uncertainty.

Despite previous non-security classifications and the approval of Ether futures ETFs, the absence of a clear stance on spot ETH ETFs expected by May leaves the market in anticipation.

The outcome could also strain the relationship between the SEC and the U.S. Commodity Futures Trading Commission, amid ongoing legislative efforts to define regulatory boundaries for digital assets.

With the possibility of Ethereum falling under stricter regulation, the crypto community awaits decisive action, which could redefine Ethereums trajectory and its standing within the digital asset space.

Ethereums technical levels spotlight a pivot point at $3,562. Resistance levels are identified at $3,673, $3,807, and $3,931, whereas support can be found at $3,411, followed by $3,228 and $3,062.

The Relative Strength Index (RSI) stands at 54, with the 50-Day Exponential Moving Average (EMA) at $3,607, suggesting a cautiously optimistic momentum.

However, a double top pattern near $3,560, alongside a closing Doji candle below this level, hints at potential bearish corrections.

Therefore, the current sentiment for Ethereum is bearish below $3,560, but crossing above this threshold could pivot to a more bullish outlook.

Sponge V2 is on the brink of its exchange debut, marking a significant milestone since its inception on the Ethereum platform.

From its initial launch at $0.000025 to its current valuation at $0.002470, Sponge V2 has witnessed a remarkable growth of 9879.41%, reflecting strong market performance and increasing investor trust.

Key Highlights:

Sponge V2 enhances its ecosystem with a Play-to-Earn (P2E) feature, offering users additional avenues for earning through gaming.

As Sponge V2 prepares for its exchange listing, it stands out in the meme coin category for its unique staking advantages and P2E gaming options.

This is a crucial moment to engage with $SPONGE, ensuring participation in Sponge V2s growth trajectory before it embarks on its next developmental stage.

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Ethereum Price Prediction as SEC Launches Campaign to Classify ETH as a Security Will ETH Drop Below $1,000? - Cryptonews