09 March 2023 14:16, UTC
Reading time: ~3 m
Ethereum has been recording a continuously declining price since 20 February, but the trend may soon change.
Ethereum’s price persists in the downward channel but for most analysts it seems ready to recover with momentum.
Current price and possible future trends of Ethereum (ETH)
In the past twenty days, Ethereum has gone from €1592.87 on Monday, 20 February to the current €1450.87 today.
The downward parabola is confirmed again today with the currency losing 0.10% (€1.43) in the 24 hours.
In the last week alone, the price of ETH has left 1.37% on the field.
Despite this negative period, almost all experts agree that there will be great satisfaction for investors in the future of crypto.
The consensus view is that Ethereum will outperform Bitcoin as it has steadily held up the descending channel that began in late October.
Usually this kind of situation leads to a sudden change in direction.
The US Securities and Exchange Commission is back to pontificating on the crypto world and, as is often the case, it is doing so through its chairman.
Gary Gensler, The head of the US regulator, interviewed by NYMAG, returned to the crypto topic explaining what he had already stated a month ago.
For Gensler, Ethereum would essentially be a financial product/instrument like so many others and as such is under the aegis and rules of the SEC.
The SEC: the never-ending battle between commodities and securities
The SEC’s chairman does not mention Buterin’s creature directly, but talks about the role of Bitcoin and everything else that is not BTC.
For the high-ranking US official, only Bitcoin can boast the title of commodity, while all other cryptocurrencies or nearly all would fall under the SEC’s jurisdiction.
“Anything outside of Bitcoin…You can find a website, you can find a group of entrepreneurs who may also have set up companies in offshore tax havens, they may have a foundation, they may be doing legal arbitrage and […] Underneath these tokens they’re securities because there’s a group in the middle and the public expects profits based on that group.”
Apparently Gary Gensler does not leave crypto much of a way out and in his words is a clear desire to bring order to the industry.
The much-feared season of sprawling regulation may see the light of day soon if the SEC gives substance to its words.
However, it is not only the SEC that is in the news for Ethereum; once again the updates, aka Forks, are on the agenda.
Just a few months after Ethereum’s Merge, the currently most awaited update is the Shanghai update, which for now has been postponed until April.
Read the full article here