Ethereum (ETH) prices soared on June 6, reversing losses and posting higher highs, as the daily chart shows.
As the momentum shifts and Ethereum demonstrates its volatility, the coin has found support at around $1,780.
If yesterday’s gains spill over, ETH might likely break $1,950, reversing losses of June 5 and setting the foundation of a bull run that could propel the coin back to $2,000 and later $2,100.
Overall, ETH prices are on a bullish path from a top-down preview. However, the coin is now in a sideways range.
A break above $2,000 and later $2,100 could set the ball rolling for mid-March buyers aiming for $2,500 or better in the weeks ahead.
SEC Lawsuits against Binance and Coinbase
The United States Securities and Exchange Commission (SEC) on June 5 sued Binance and Coinbase, two of the top cryptocurrency exchanges.
Specifically, the regulator alleges that Binance listed the trading of investment contracts, that is, securities, and lying to regulators.
They maintained that Binance is involved in wash trading and price manipulation, with Changpeng Zhao as the leader of the exchange.
The regulator also says Coinbase has raked billions in revenue from listing crypto assets they classify as securities.
Whether or not the SEC’s allegations will hold depend on how the court eventually rules.
Binance asserts that they are compliant and haven’t broken any rules. Meanwhile, Coinbase said they would go to court and contest the SEC as they bid to clarify which assets constitute securities and which are commodities.
Ethereum (ETH) Price Analysis
Ethereum prices are volatile. Of note, the reversal of June 5 losses has been impressive.
ETH is back within the $1,780 and $1,950 range at spot rates. It means ETH buyers have a chance from a top-down preview.
Overall, Ethereum buyers from mid-March anchor the current formation, and $1,780 support is critical.
In the immediate term, how prices react at $1,950 would shape the upcoming trend. Confirmation of June 6 gains would translate to a bullish breakout, confirming gains of May 28.
In that case, if the trading volumes are high, ETH could race to $2,000.
Further gains would see ETH rally to April 2023 highs at $2,100 in a buy trend continuation formation.
Any sell-off forcing ETH below $1,780 cancels this outlook.
Technical charts courtesy of Trading View.
Disclaimer: The opinions expressed do not constitute investment advice. If you wish to make a purchase or investment we recommend that you always conduct your research.
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