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Ether’s price retested $1,780 after the news of the United States Securities and Exchange Commission (SEC) suing cryptocurrency exchanges Binance and Coinbase (NASDAQ:COIN), but it’s not preposterous to suggest that Ether bulls should be more than happy that its price did not break below the 67-day support.
The SEC’s actions are actually a double-edged sword for Ether (ETH), and on Crypto Twitter, some analysts attributed the bounce in Ether to its not being listed as a security in either of the cases brought against Binance and Coinbase. For instance, the SEC explicitly mentioned BNB (BNB), Solana (SOL) and Cardano (ADA), which are direct competitors to Ethereum’s smart contract-processing capabilities.
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