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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.
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
TUK is the ticker for the eTuktuk ecosystem, an AI-integrated, eco-friendly project that aims to transform the future of transportation.
Join the movement towards cleaner streets and clearer skies.
In a world choking on carbon emissions, be the change you wish to see.
Together, let's drive towards a sustainable future with #eTukTuk. 🌍 pic.twitter.com/CsWUd3I4Og
— eTukTuk (@eTukTukio) May 7, 2024
The team is committed to reducing carbon emissions, and does so by integrating blockchain and AI technologies.
Electric vehicles offer more than just a ride.
They're a #sustainable solution for cleaner air and savings on fuel costs.
Make the smart choice for the planet and your wallet with #eTukTuk. 🌿💰 pic.twitter.com/ifcKMroANI
— eTukTuk (@eTukTukio) May 6, 2024
As governments in South Asia and Africa embark on ambitious electric vehicle adoption goals over the next two decades, eTukTuk looks well-positioned to play a crucial role in driving the transition.
According to the @WHO, 7 million lives lost yearly to air pollution? That's not just a statistic, it's a call to action.
Join #eTukTuk in driving change for cleaner, healthier air. 🌬️ pic.twitter.com/zivm6n0ySg
— eTukTuk (@eTukTukio) May 3, 2024
Investors who stake their TUK tokens receive 4.75 $TUK for each BSC block in $TUK token incentives.
Introducing Buy and Stake mechanism, get $TUK tokens and instantly stake them, initiating a dynamic APY.
Early stakers enjoy higher returns as APY adjusts with participation, encouraging early adoption and a fair, enticing incentive structure for all. 💫 pic.twitter.com/pMrXEZzB3f
— eTukTuk (@eTukTukio) October 10, 2023
Because staking rewards inevitably reduce over time, it’s best to buy TUK early. TUK tokens are priced at $0.031 each and another reason to buy soon is that a price hike is coming in a little more than four hours.
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