Ethereum price extended losses and tested the $2,450 support zone. ETH is recovering losses and struggling to gain pace for a move above the $2,550 level.

• Ethereum started a recovery wave from the $2,450 zone.
• The price is trading below $2,560 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $2,580 and $2,600 resistance levels.

Ethereum Price Starts Recovery

Ethereum price extended its decline below the $2,550 level like Bitcoin. ETH traded as low as $2,445 and recently started an upside correction.

There was a minor increase above the $2,500 level. The price traded above the 23.6% Fib retracement level of the downward wave from the $2,760 swing high to the $2,445 low. There was also a break above a key bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD.

Ethereum price is now trading below $2,560 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,560 level.

The first major resistance is near the $2,580 level and the 100-hourly Simple Moving Average. The main resistance is now forming near $2,600. It is close to the 50% Fib retracement level of the downward wave from the $2,760 swing high to the $2,445 low.

A clear move above the $2,600 resistance might send the price toward the $2,650 resistance. An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone.

Another Decline In ETH?

If Ethereum fails to clear the $2,560 resistance, it could start another decline. Initial support on the downside is near the $2,505 level. The first major support sits near the $2,485 zone.

A clear move below the $2,485 support might push the price toward $2,450. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,340.

Technical Indicators

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

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

Major Support Level – $2,500

Major Resistance Level – $2,580

Cryptocurrency prices are doing well this year, with most of them outperforming traditional assets like the S&P 500, Nasdaq 100, and the Dow Jones. These indices have all jumped by over 15%, while Bitcoin has risen by almost 60%, and is hovering near its all-time high.

MEW and Popcat tokens are soaring

Cat in a dogs world (MEW) and Popcat (POPCAT) have soared by over 1,000% this year, giving them a market cap of over $1 billion. Analysts believe that these tokens have more upside in the coming months because of their deep liquidity, fear of missing out (FOMO), and their substantial volumes in the spot and futures market.

MEW and Popcat also have positive technicals, with the two of them rising above their short-term and medium-term moving averages. On top of this, there are signs that Bitcoin may be about to have a bullish breakout, which could see it jump to a record high. 

It has remained below the key resistance level at $70,000 this week, meaning that it only needs one catalyst to have this breakout. Many experts believe that this rally is possible. For example, analysts at Bernstein have predicted that it will rise above $200,000 in 2025. John Paulson, a billionaire investor, has also expressed optimism in Bitcoin.

A strong Bitcoin breakout would be a positive thing for meme coins like Cat in a dogs world and Popcat. Historically, as we saw earlier this year, meme coins do better than Bitcoin when it makes a bullish breakout.

Vantard may be the next big thing

Crypto analysts and investors are now betting on Vantard, an upcoming meme coin inspired by the success of Vanguard, the second-biggest asset manager in the world with over $7 trillion in assets under management. 

Vantard started its pre-sale event this week and has raised $163,000 from global investors in its first stage. The initial price was $0.00010, and will increase across the ten stages, with the next price being $0.00011, a 10% increase.

According to its white paper, 75% of the dedicated treasury funds will be allocated to fundraising. 5 billion tokens went to the pre-seed round, while the ongoing seed fund will have a limit of 40 billion tokens, equivalent to 55.56% of the total. The other 40 billion tokens will go to series A and series B. 

Vantard’s key to success is what it calls the first-ever Meme Index Fund (MIF), which aims to give investors access to the best-performing meme coins in a single asset. 

The fund will be fully decentralized, with its profits being distributed to holders through the $VTARD token. This fund is inspired by popular Vanguard exchange-traded funds (ETF) like the one tracking the S&P 500 index, which has added over $60 billion in assets this year. 

Vatard’s MIF fund will also have a surge pricing model, where investors will pay a 0% fee during periods of low activity and up to 50% during high-peak demand periods. The goal of this fee is to discourage mass redemptions.

The other top benefit is that it will give investors access to the best meme coins in the industry. As such, instead of buying tens tokens hoping to catch the next big thing, an investor in the fund will have access to the best of them. You can learn more about Vantard here.

Updates in the Second Circuit appeal proceedings reveal the latest legal developments in the SEC vs. Ripple case. Emerging strategies suggest that the ongoing courtroom battle between the US Securities and Exchange Commission (SEC) and Ripple Labs has taken a new turn.

Despite launching his Senate race against Elizabeth Warren, pro-XRP advocate John Deaton has pledged to remain steadfast in representing XRP holders’ interests in the SEC versus Ripple case.

Ripple’s Cross-Appeal Filing Adds Pressure on SEC

Attorney James Filan reported that Ripple’s legal team filed a cross-appeal in response to the SEC’s ongoing litigation. Ripple’s filing, appearing on the Second Circuit docket, presents a strong defense strategy. It argues that the SEC’s classification of XRP as an unregistered security is legally flawed.

The company’s cross-appeal also emphasizes Ripple’s contention that XRP is not an investment contract. It pushes that XRP should not be regulated as a security, an argument grounded in legal precedent and market realities.

Jeremy Hogan, a prominent attorney, has provided ongoing analysis of the case. He highlighted key elements of Ripple’s arguments, detailing discrepancies in the SEC’s approach toward cryptocurrencies.

Hogan also noted that Ripple’s filing could shape a landmark decision in the crypto industry. This is more so if Ripple’s arguments influence the court’s interpretation of what constitutes security under US law.

Read More: Crypto Regulation: What Are the Benefits and Drawbacks?

This development comes after the US regulator appealed the Ripple (XRP) case. As BeInCrypto reported, the SEC seeks a “de novo” review after Judge Analisa Torres’ July 13, 2023, ruling. The judge had ruled in partial favor of Ripple’s token as non-security.

Adding to the legal tension, the SEC has requested an extension to file its “Principal Brief” in the case until January 15, 2025. If granted, this extension would provide the SEC with additional time to solidify its arguments against Ripple’s cross-appeal.

The extended timeline could allow the SEC to refine its stance and address criticisms that its approach to crypto regulation lacks consistency. The agency faces scrutiny for its perceived ambiguity around classifying digital assets.

The SEC’s requested extension comes as the agency grapples with multiple cases related to cryptocurrency and digital assets. This reflects the growing challenge of regulating a fast-paced sector without comprehensive legislative guidance.

With the SEC’s briefing extension request pending and Ripple’s cross-appeal now under review, the court’s eventual decision could have far-reaching consequences. It could potentially reshape the future of digital assets in the United States.

John Deaton’s Continued Role as XRP Advocate Despite Senate Race

Amid the high-stakes legal maneuvers, John Deaton, a vocal XRP advocate, has confirmed his ongoing involvement in the case. This is despite his recent decision to run for the US Senate.

“Senate race or not, I don’t walk away from what I started,” Fox Business correspondent Eleanor Terret reported, citing Deaton.

Notably, Deaton has acted as an “amicus” (friend of the court) for XRP holders. His comment highlights his dedication to representing their interests. Deaton is also committed to defending the right to participate in a fair and transparent cryptocurrency market.

This commitment, alongside his Senate aspirations, illustrates the broader political dimension of the SEC vs. Ripple legal battle. With his Senate run focused on issues including financial and cryptocurrency regulation, Deaton’s involvement in the Ripple case aligns with his campaign message advocating for clear and reasonable crypto policies.

He has previously criticized the SEC’s approach to the case, describing it as overly aggressive and detrimental to innovation within the US crypto industry. However, the outcome of this case holds significant implications for Ripple, XRP holders, and the entire crypto industry.

A ruling in favor of Ripple could set a precedent that influences how other cryptocurrencies are regulated in the United States. This could curb the SEC’s authority to classify tokens as securities without clearer legislative guidance. Ripple CEO Brad Garlinghouse is optimistic about a victory.

“I am so confident that we’re going to win the appeal and that would put a dagger in Gary Gensler’s whole agenda around crypto regulation…I’m not losing any sleep over it at all. I’m so confident about it because I believe we’re on the right side of the law. I think we’re on the right side of history,” Garlinghouse reportedly told Terrett.

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

Conversely, a ruling supporting the SEC’s claims could empower the agency to take similar actions against other crypto firms. This could shape the regulatory framework governing digital assets in the US. On this account, Hogan takes a more stance.

“Sometimes win vs. lose in these cases is not a clear line. Nevertheless, yes, I think there is an 80% chance Ripple comes away from the appeal in a better position than now,” Hogan expressed.

Amidst these developments, BeInCrypto data shows that the XRP price has fallen 0.84% in the past 24 hours, trading for $0.5239 as of this writing.