Ethereum (ETH) On Its Way to $5,000 Amid SEC Opposition

Joshua Ramos
Ethereum Drops Below $3,300: Can It Reach $3,500 This Week?

The digital asset market appears to be returning to the green Thursday after steep declines ruled the early parts of the week. Among those is Ethereum, which has been revealed to be the subject of a US Securities and Exchange Commission (SEC) legal campaign to restate its security status. Yet, one crypto analyst has projected Ethereum to reach $5,000 amid the SEC opposition to ETH.

Indeed, the asset is up more than 4% over the last 24 hours according to CoinMarketCap. Currently trading at $3,530, technical indicators are pointing to a potential rally gearing up for the asset. Moreover, voices from across the industry have spoken in support as it is targeted by the SEC.

Ethereum

Also Read: SEC Pursuing Legal Campaign to Classify Ethereum as a Security

Ethereum Nearing Massive Rally As SEC Targets ETH Security Status

The digital asset market was shocked when news arose yesterday of an SEC probe into the Ethereum foundation. Subsequent reports identified subpoenas issued at companies that interacted with the foundation. Moreover, many perceived the efforts as the agency’s attempts to clarify ETH’s security status.

However, just 24 hours later that development has not hindered the asset’s price. One crypto analyst predicted that Ethereum (ETH) may reach $5,000 amid the SEC action. Specifically, crypto analyst CryptoJelleNL posted to X regarding the asset’s performance.

They stated that ETHs sustaining the $3,500 level would help them reach $5,000 “soon enough,” despite the FUD that the SEC story has presented. Ethereum has seen a steady increase over March, growing more than 20% this month. However, its performance today is a deviation from its weekly charts, where it decreased by more than 9%.

Ethereum Shows Steady Growth; ETH Could Hit $3000 With This Breakout

Also Read: Ethereum Slumps Below $3400: Can ETH Hit $4000 This Week?

The SEC’s action against it has not gone unresponded to, as voices across the industry have spoken out. Among them is Coinbase chief legal officer Paul Grewal, who called the reports “ETH misinformation” and reasserted the asset status as a non-security.

Moreover, Solana founder Anatoly Yakovenko concisely expressed his support for the asset. In a post to X, he said, “If the stat is agins ethereum, then I am against the state.” Altogether, the narrative of support for ETH has been overwhelming. Therefore, the price trajectory could be noticeably high amid a concerted effort for the market to rebel against SEC action.