Market
What it Means for Crypto
Dan Gallagher is the proposed next Chair of the US Securities and Exchange Commission (SEC) in a prospective Donald Trump administration. The former agency commission welcomed his selection.
The shared sentiment is that with a Republican in office, crypto would enjoy a more favorable regulatory environment, with key commission members calling it out for problematic laws.
Crypto Investors Want Dan Gallagher for SEC Chair
Gallagher served as SEC commissioner during the tenure of former US President Barack Obama. Welcoming his selection, Gallagher said he would promote access to the markets while ensuring the US remains at the forefront of financial innovation.
Before this nomination, Hester Pierce, alias Crypto Mom, had been the likely successor in case a Republican administration took office. Her name was floated around multiple times ahead of the spot Bitcoin ETFs approval.
In September, John Reed Stark, formerly an official with the SEC’s internet office, highlighted Pierce’s name. Her lengthy track record of dissent and opposition to most crypto-related SEC actions made her the ideal candidate.
“Should a Republican get elected President, Chair Gensler would likely resign and the senior Republican appointed SEC Commissioner (in this case famed “crypto-mom” Hester Peirce) would possibly become acting Chair,” Reed Stark explained.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Notably, no more than three out of five Commissioners may belong to the same political party. This prevents partisan issues within the SEC. The President designates one of the Commissioners as the agency’s top executive when the current Chair resigns.
Popular belief is that a Republican taking office after the November elections would bode well for crypto. Expectations include the SEC’s crypto enforcement efforts to be reduced significantly, potentially focusing on fraud cases. This is as opposed to charging pure registration violations like crypto trading platforms failing to register as an exchange, broker-dealer, and clearing firm.
Another possible expectation is that the agency would be more open to taking significant crypto-friendly regulatory actions, such as approving more spot ETFs to give investors exposure to more financial instruments.
Under President Joe Biden’s administration, the current US SEC is said to be biased against crypto, as Democrats hold the majority. Besides Pierce, Commissioner Mark Uyeda is the only other Republican within the SEC.
Mark Uyeda Calls Out US SEC for Problematic Rules
Like Pierce, Commissioner Uyeda has also sided with the industry, criticizing the SEC’s approach to crypto disclosure rules as “problematic.” He says Form S-1 filings need updates as they neither facilitate capital formation nor protect investors in their current state.
“The Commission should take steps to ensure that registration statement disclosure is material and informative to prospective purchasers. By the same token, the Commission should avoid requiring disclosures that are irrelevant and distract readers from the important information,” Uyeda wrote.
The critique comes after the financial regulator returned Ethereum ETF S-1 forms to issuers, calling for changes and instructing them to refile by July 8. The action suggests at least one more round of filings before the Ethereum spot ETFs can launch. Head of Government Affairs at Paradigm Alexander Grieve lauded Commissioner Uyeda, underscoring the significance of his statement.
“First time AFAIK Uyeda has been on record calling for a tailored disclosure regime for crypto assets. The SEC under a different admin would be a very different place,” Grieve remarked.
While the market anticipates the ETH ETFs will begin trading on July 4, the timeline hinges on how fast the SEC can review and respond to the issuers’ filings.
Read more: How to Invest in Ethereum ETFs?
Meanwhile, the SEC continues to clamp down on crypto firms. In a post on X, Binance.US highlighted a prolonged legal battle with the regulator. The trading platform expressed its commitment to compliance and criticized the agency’s enforcement tactics.
“On Friday, the Court decided that the SEC’s case against Binance.US will continue. We were prepared for this and look forward to having this case move forward in the judicial process,” read the announcement.
The case concerns securities law violations, offering unregistered investment products, and violating anti-fraud laws. As it prepares for the showdown, Binance.US slammed the SEC’s “regulation by enforcement,” calling out SEC Chair Gary Gensler for being politically motivated.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
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 – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
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 – $3,250
Major Resistance Level – $3,385
GOAT price has skyrocketed 214.29% in one month, recently breaking into the $1 billion market cap and securing its place as the 10th largest meme coin. It now stands just ahead of MOG, which closely trails its position in the rankings.
However, recent indicators suggest that GOAT’s uptrend may be weakening, raising questions about whether it can sustain its rally or face a potential correction.
GOAT BBTrend Is Negative For The First Time In 4 Days
GOAT BBTrend has turned negative for the first time since November 17, now sitting at -0.54. This shift suggests that bearish momentum is beginning to take hold, with the asset’s recent upward trajectory starting to weaken potentially.
BBTrend measures the strength and direction of price trends using Bollinger Bands, with positive values indicating an uptrend and negative values signaling a downtrend. A negative BBTrend reflects increased downward pressure, which could indicate the start of a broader market shift.
GOAT has had an impressive November, gaining 61% and reaching a new all-time high on November 17.
However, the current negative BBTrend, if it persists and grows, could signal the potential for further bearish momentum.
GOAT Is In A Neutral Zone
GOAT’s RSI has dropped to 52, down from over 70 a few days ago when it reached its all-time high. This decline indicates that buying momentum has cooled off, and the market has moved out of the overbought zone.
The drop suggests a shift toward a more neutral sentiment as traders consolidate gains and the strong bullish pressure seen earlier subsides.
RSI measures the strength and velocity of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 52, GOAT’s RSI is in a neutral zone, neither signaling strong bullish nor bearish momentum.
This could mean the current uptrend is losing strength, and the price may consolidate or move sideways unless renewed buying pressure reignites upward momentum.
GOAT Price Prediction: A New Surge Until $1.50?
If GOAT current uptrend regains strength, it could retest its all-time high of $1.37, establishing its market cap above $1 billion, a fundamental threshold for being among the biggest meme coins in the market today.
Breaking above this level could pave the way for further gains, potentially reaching the next thresholds at $1.40 or even $1.50, signaling renewed bullish momentum and market confidence.
However, as shown by indicators like RSI and BBTrend, the uptrend may be losing steam. If a downtrend emerges, GOAT price could test its nearest support zones at $0.80 and $0.69.
Should these levels fail to hold, the price could fall further, potentially reaching $0.419, putting its position in the top 10 ranking of biggest meme coins at risk.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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