Ethereum News: Potential Price Drop Looms as Ethereum Faces Death Cross Formation

Cryptocurrency markets have been experiencing volatility, with Ethereum in particular showing bearish signs. Here’s a summary of the latest developments affecting Ethereum’s price trajectory.

Ethereum Heading for a Death Cross: Will ETH Price Face a Major Drop Below $2000?

The Bitcoin price plunged close to $82,000 while recovering to above $86,000, but Ethereum continues to print massive bearish candles. The start of the week was extremely bearish for Ethereum as it flipped the growth trajectory of the price from bullish to bearish. The token was constantly testing the resistance at $2772 but failing to surpass it. However, the weekend trade elevated the levels above the range and quickly attracted bearish attention, dragging the levels by over 17% and plunging below $2,300. The Asian markets provided some buying pressure, which appears to be squeezing with the start of the US market.

SEC Plans to Drop Enforcement Suit Against ConsenSys’ MetaMask

The U.S. Securities and Exchange Commission (SEC) is dropping its securities enforcement case against ConsenSys’s MetaMask wallet tool. This move follows the agency’s decision to drop its case against crypto exchange Coinbase last week. Joe Lubin, CEO of ConsenSys, confirmed the news in a Thursday post, stating that the SEC has agreed to drop the case. The move must still be approved by the agency’s commissioners. This strategic retreat from the “regulation by enforcement” approach under former Chairman Gary Gensler signals a potential shift in the SEC’s approach to crypto regulation.

SEC Agrees to Dismiss Enforcement Case Against Consensys

The US Securities and Exchange Commission (SEC) has agreed in principle to dismiss its securities enforcement case against Consensys. Once final approvals are secured, the SEC will file a stipulation with the court to formally close the case. Consensys CEO Joseph Lubin expressed appreciation for the SEC’s shift in approach under its current leadership, describing it as more pro-innovation and pro-investor. The dismissal follows Consensys’ commitment to contest the allegations, which Lubin said was a broader effort to support blockchain software developers and protect innovation within the crypto industry.

Bybit Hack: Firms Seek to Capitalize, FBI Links to Lazarus Group

The Bybit $1.4 billion exploit has attracted numerous security and infrastructure firms claiming their technology could have prevented the attack. The FBI has confirmed that North Korea’s Lazarus Group was behind the hack, which targeted Bybit’s Safe{Wallet} setup. A SAFE developer’s machine, and not Bybit’s infrastructure, was compromised, allowing attackers to inject malicious code into the transaction signing interface, resulting in the approval of a fraudulent transaction that drained Bybit’s largest Ethereum wallet.

Ethereum Whales Sell Over 18,000 ETH: Market Volatility Concerns

Ethereum whales have sold over 18,000 ETH in recent transactions. One whale sold 8,074 ETH for $19.63M, increasing market selling pressure. Another deposited 10,000 ETH worth $23.44M to Binance, potentially signaling further sell-offs. These substantial transactions have led to a 4.51% drop in ETH’s price to $2,354.16, with a 7.11% rise in trading volume to $30.66B. Blockchain data reveals key whale addresses offloading significant amounts of ETH, indicating increased selling activity.