• Ethereum has been holding the $1,800 support level for several months.
• The SEC’s recent legal actions have caused a decline in the cryptocurrency market.
• Despite this, ETH is up 53% since the start of the year and could soon rise higher.
Ethereum Price Prediction
The Ethereum price has slipped by 0.3% in the past 24 hours, while keeping to the long-term $1,800 support level it has held for several months now. At $1,834, ETH is down by 2.5% in a week, following legal actions from the SEC that have served to depress pretty much the entire cryptocurrency market. Despite its falls, Ethereum remains up by 53% since the start of the year due to staking withdrawals and development progress.
A Potential Rebound
ETH’s chart suggests that it’s nearing a point where it will be ready to rise yet again after last week’s shocks. In particular, its relative strength index (RSI) has returned to 50 after dropping close to 20 where it was oversold. Additionally, its 30-day moving average (MA) is falling towards its 200-day MA and when it drops below this longer-term average and reaches a bottom point then Ethereum will be due for a rebound.
$1,800 Support Level
Ethereum’s support level (green line) has held steady at around $1,800 so far and appears to be slowly rising which could mean that its price won’t fall much further than this past week’s dip. This gives ETH positive prospects compared to other layer-one utility tokens such as Solana (SOL), Cardano (ADA) and Cosmos (ATOM) which are currently facing delisting threats from US exchanges due to being cited as securities by the SEC in their charges against Binance and Coinbase.
Coinbase Staking Service
It should also be noted that although Ethereum was not mentioned as a security itself in today’s SEC lawsuit; Coinbase’s ETH staking service was cited as an unregistered security offering which violates Section 5 of Securities Act according to them .
Overall, Ethereum appears well positioned for growth despite last week’s shocks with its long-term support level holding strong so far and chances of recovery looking good with RSI returning back near 50 levels and 30 day MA converging close to 200 day MA .