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The Ethereum price soared 37% in the last week, despite dropping a fraction of a percentage in the past 24 hours, to trade at $2,488 as of 5:12 a.m. EST on trading volume that jumped 20% to $11.8 billion.
This surge comes amid a warning from the US Securities and Exchange Commission that Ethereum and Solana exchange-traded funds (ETFs) may not meet the legal definition of an investment company.
The statement raised concerns about their registration and potential eligibility for exchange listing.
The SEC said its staff still have unresolved questions about whether the REX-Osprey ETH and SOL ETFs, which include staking components, are structured to primarily invest in securities as required under the Investment Company Act of 1940.
Ethereum Price On A Slight Bearish Trend, Poised For A Reversal
The ETH price on the daily chart presents a compelling narrative of recovery following a prolonged downtrend.
The Ethereum price action previously formed a descending channel from late 2024 into early 2025, culminating in a rounded bottom that hints at a classic cup and handle pattern, which is a bullish formation signaling a potential continuation of the upward trend.
After bottoming out in mid-April 2025, ETH staged a notable rally, breaking above resistance near $2,150, which coincides with the 50-day Simple Moving Average (SMA).
This breakout was followed by a period of consolidation just below the 200-day SMA around $2,680, forming the “handle” part of the cup and handle structure, as data from GeckoTerminal shows.
This consolidation in the context of a broader bullish setup suggests the market is preparing for a potential breakout above the $2,680 resistance level.
Meanwhile, the Relative Strength Index (RSI) is currently at 53.71, indicating neutral momentum. This level suggests there is no overbought or oversold condition, which typically provides room for further price movement in either direction.
Given the bullish cup and handle formation and ETH testing the 200-day SMA, a confirmed breakout above the $2,680 resistance level could propel the price of Ethereum towards the next major resistance near $3,500.
This projected move aligns with the measured target of approximately 38% upside.
However, failure to break and close above the 200-day SMA would suggest continued consolidation or a possible retracement back to support levels around $2,150 (50-day SMA) or $1,900.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called BTC Bull Token (BTCBULL), which will give token holders free BTC.
Jacob Bury, a prominent YouTuber with over 56.7k subscribers, says BTCBULL has the potential to soar 10X after launch.
BTC Bull Token ICO Closes On $7 Million Milestone – Less Than 28 Days Left
Unlike typical meme coins, BTCBULL rewards holders with free Bitcoin through scheduled BTC airdrops triggered by the crypto market leader’s rising price.
The first BTC reward activates when Bitcoin reaches $150,000, with subsequent airdrops for every additional $50,000 increase.
And a significant bonus awaits dedicated holders when Bitcoin hits the $250,000 mark for the first time.
🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
With built-in incentives for buying, holding, and trading, $BTCBULL gives holders a new way to stack BTC.… pic.twitter.com/BMzBHcLltU
— Best Wallet (@BestWalletHQ) February 10, 2025
The excitement around BTCBULL doesn’t stop there. To enhance scarcity and mimic Bitcoin’s limited supply, the project will conduct periodic token burns as well, beginning at Bitcoin’s $125,000 milestone and continuing for every $50,000 increase thereafter.
That mechanism reduces BTCBULL’s supply, potentially creating powerful upward price momentum.
Investor confidence is already evident, with BTCBULL’s presale swiftly amassing over $6.7 million.
You can purchase tokens now for $0.002545 using BNB, ETH, USDT, or bank card and stake them for an impressive 61% annual yield.
There’s now a timer on the BTCBULL website that says interested investors have less than 28 days left to buy before launch.
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