Ethereum Price Prediction As Joseph Lubin Says SEC Has Stealth-Classified ETH As A Security And This Green Transport Crypto Offers An 85% Staking Yield

The Ethereum price is up almost 3% in the past 24 hours to trade for $3,029 as of 07:03 a.m. EST on trading volume that fell 3%.

Despite the uptrend, the Ether ETF (exchange-traded fund) narrative continues to be a drag on the Ethereum price.

Recent reports revealed that the US Securities and Exchange Commission (SEC) had put off an application by Invesco to July. In the latest on the subject, Ethereum co-founder Joseph Lubin says the SEC has stealth-classified ETH as a security, which would mean the odds for regulatory approval for ETH ETFs are close to zero.

🤓 Joseph Lubin believes the SEC has reclassified ETH as a security

Ethereum co-founder and head of Consensys, Joseph Lubin, believes that the Securities and Exchange Commission (SEC) has reclassified ETH as a security.https://t.co/FBC3knLsVa pic.twitter.com/G36Ly2DhmK

— Gutsul Crypto News (@GutsulCrypto) May 9, 2024

Joseph Lubin Says The SEC Has Reclassified ETH As A Security

“The SEC appears to have reclassified Ether as a security without telling anybody that that’s the case,” Lubin said at an FT Live Crypto and Digital Asset summit in London.

Regarding the possibility that spot Ether ETF applications are approved by the SEC, Lubin added that the regulator and the traditional financial sector are concerned about too much capital flowing into the cryptocurrency ecosystem.

Ethereum Price Prediction

The Ethereum price is trading with a bullish bias, consolidating along an ascending trendline that has continued to provide support. From a big-picture perspective, however, the Proof-of-Stake (PoS) token is consolidating within a falling wedge pattern. This is a bullish reversal pattern, which would be confirmed upon a successful breakout.

For the 26% target objective of the falling wedge to be realized, the bulls must haul ETH past the resistance due to the Smooth Moving Average (SMMA) at $3,067. A decisive candlestick close above the next supplier congestion level at $3,212 would open the path for more gains. A stable close above this level The Relative Strength Index (RSI) has recorded higher lows, indicating growing bullish sentiment.

If the Ethereum price realizes the 26% growth potential, the profit target would be $4,083, levels last tested on March 13.

ETH/USDT 1-day chart

On the other hand, if the bears recover the market, the Ethereum price could drop below the ascending trendline. For the bullish thesis to be invalidated, however, the bears must manage a candlestick close below $2,900 in the one-day timeframe.

Meanwhile, investors looking to diversify their portfolios might want to consider green transport presale eTukTuk, which is offering a staking yield of 86%. According to Crypto YouTuber Franklin Emmanuel, this staking function stands among multiple opportunities for passive income offered by the project.

Promising Alternative To Ethereum

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Also Read:

• Green AI Revolution in Web3 – Here’s How You Can Seize the 100X Opportunity With eTukTuk
• eTukTuk (TUK) Storming Into 2024 With Massive Funding, Learn Why Here
• Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
• eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure

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