Ethereum price is consolidating gains above the $2,580 resistance. ETH could gain pace if it clears the $2,650 resistance zone.

• Ethereum remained in a positive zone above the $2,550 and $2,580 resistance levels.
• The price is trading above $2,600 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support near $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Aims For More Upsides

Ethereum price remained stable above the $2,550 pivot level like Bitcoin. ETH corrected some gains and tested the $2,550 support level. Recently, it started a fresh increase above the $2,580 and $2,600 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $2,685 swing high to the $2,538 low. The bulls were able to push the price above the $2,620 resistance zone. Besides, there is a key bullish trend line forming with support near $2,600 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,650 level. It is near the 76.4% Fib retracement level of the downward move from the $2,685 swing high to the $2,538 low.

The first major resistance is near the $2,685 level. A clear move above the $2,685 resistance might send the price toward the $2,750 resistance. An upside break above the $2,750 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,840 resistance zone in the near term. The next hurdle sits near the $2,880 level or $2,920.

Another Drop In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,600 level and the trend line. The first major support sits near the $2,570 zone.

A clear move below the $2,570 support might push the price toward $2,550. Any more losses might send the price toward the $2,480 support level in the near term. The next key support sits at $2,420.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,550

Major Resistance Level – $2,650

The US Securities and Exchange Commission (SEC) filed its appeal on Thursday regarding the Ripple (XRP) case. This high-profile case continues to draw significant attention from the community, as its outcome could have far-reaching implications.

However, there has been a minimal impact on the price of XRP.

SEC Files Appeal In Longstanding Ripple (XRP) Case

According to a Thursday filing with the US Court of Appeal for the Second Circuit, the SEC filed Form C in the Ripple case, effectively appealing the August 7, 2024 final judgment. This determination enjoined Ripple from further violations of Section 5 of the Securities Act of 1933 and imposed a civil penalty of approximately $125 million on Ripple.

Read more: Everything You Need To Know About Ripple vs. SEC.

The regulator wants the court of appeal to review whether Judge Analisa Torres’ landmark decision on July 13 in partial favor of XRP was erroneous. Ripple executives Brad Garlinghouse and Chris Larsen’s’ personal offers and sales of XRP are also brought into question. The US SEC wants all these issues reviewed “de novo,” which means from the beginning.

Ripple lawyer James K. Filan confirmed the filing, which is expected to prolong the already lengthy and complex legal battle.

As BeInCrypto reported ahead of the latest appeal, several legal experts recently weighed in on the matter. They argued that Judge Torres’ fact-specific ruling weakened the SEC’s grounds for appealing programmatic sales.

Notwithstanding, the Second Circuit’s future decision could also affect Ripple’s operations. For now, however, the overhang of this case is already stalling developments in the broader market, including prospects of an XRP ETF.  

Next Step in Ripple vs. SEC Case After Regulator’s Filing

Setting a timeline for the process, Ripple CLO Stuart Alderoty said the case could extend through July 2025. Speaking to Fox Business correspondent Eleanor Terret, Alderoty indicated that Ripple would file its own Form C, detailing arguments for its cross-appeal. This will happen seven days after the SEC’s submission, which means sometime next week.  

After Ripple submits its Form C, both parties will agree on a briefing schedule. The SEC will have up to 90 days to submit its opening brief. Alderoty expressed his expectation that the SEC would utilize the full 90 days to present a comprehensive account of its legal arguments.

Ripple will subsequently file a response and its own brief, kicking off an extensive briefing process. These sequential filing processes suggest a lengthy and complex legal battle. For now, however, the XRP community awaits Ripple’s Form C.

Amidst these uncertainties, the price of XRP has been stable. In the past 24 hours, the token has been down by just 0.8%, currently trading at $0.5498.

“No surprises here — once again it’s been made clear. The Court’s ruling that “XRP is not a security” is NOT being appealed. That decision stands as the law of the land. Stay tuned for Ripple’s Form C to be filed next week,” Alderoty indicated.

Read More: How To Buy XRP and Everything You Need To Know

Nevertheless, this ongoing legal battle transcends Ripple or XRP. It could have far-reaching implications for the industry, influencing the broader debate over crypto’s classification and regulatory status.