Crypto bulls are back in control as Ethereum’s price surges 12%, currently trading at $3,495, as Bitcoin and other altcoins also surge.
Meanwhile, new presale token eTukTuk is also bullish, recently crossing the $2.2 million mark.
ETH Recovery Commences as Market Snubs SEC Permitido Action
The SEC has launched an investigation into the Ethereum Foundation. This follows a drastic pullback over the past week, sparking price volatility yesterday.
However, analysts have dispelled the news, alluding that it is largely an optical attack and will not affect the ETH price.
As per research from Fortune, the SEC seeks to classify ETH as a security.
The SEC’s action was announced on Wednesday but immediately rebuked by commentators on social media.
“We will see an ETH ETF shortly where god candles will be laid out left and right. This is textbook FUD for institutions to secure entries as low as possible. Don’t let them shake you,” speculated Cousin Crypto.
Crypto Wizard holds a similar stance, suggesting this was an orchestrated attack.
“You know the drill: release some FUD at the bottom then up only. ETH season ahead,” he said.
Meanwhile, Matthew Hyland says such news “is to be expected.”
Matthew cited Bitcoin’s price explosion following its ETF launch, suggesting that institutional players need to “hold the ETH price down now by pushing out negative stories.”
According to Matthew, this is to prevent ETH from being “front-run” by retail players ahead of the potential upcoming Ethereum ETFs.
Indeed, these accusations are speculative, but they have immensely swayed market sentiment, with Ethereum’s price counterintuitively climbing since the SEC’s action was announced.
Currently trading at $3,495, Ethereum is up 12% today and 20% this month but remains down 11.2% this week.
However, traders are bullish on its upcoming trajectory. In a recent ETH/BTC analysis, CryptoKnight890 suggested that ETH has reached its range bottom and anticipates that it will outpace Bitcoin in the coming weeks.
Similarly, Inmortal speculated that Ethereum may have established a “lugar bottom” and stated its chart “looks better than BTC’s.”
Yet, while Ethereum’s outlook is bullish, new ICO eTukTuk is also gaining pace, recently surpassing $7 million.
New AI Crypto eTukTuk Offers is Backed to 10X After Raising Over $2M
Join the AI revolution with eTukTuk, the hottest green crypto presale. Its compelling blend of AI, environmental action, and blockchain innovation has garnered massive excitement.
In an unwavering display of community interest, the presale has raised over $2.2 million so far. Furthermore, it has drawn a whopping 44K X followers and 12K Telegram members.
Yet, this excitement has transcended the investor community, with expert analysts and leading media bodies also getting on board.
In a recent analysis, low-cap gem hunter Jacob Bury dubbed the project a “New 10X potential green AI crypto.”
Adding to the hype, heavyweight media outlets like Yahoo Finance, Bloomberg, Cointelegraph, and The Asset have featured the presale.
eTukTuk’s primary goal is to combat global warming with zero-emission electric vehicles.
The project will strategically place electric vehicles and associated charging stations in developing nations worldwide, starting with Sri Lanka.
This venture strives to lower CO2 emissions, eradicate carbon-related health issues, and tackle pervasive financial disparity issues.
It integrates AI for vehicle route optimization and predictive maintenance, ensuring efficiency through state-of-the-art technologies.
The $TUK token will be used for transferring value through the ecosystem. But it is also used for staking. Currently, staking offers a 109% APY, but this will decrease as the staking pool grows.
Investors can buy $TUK at presale for $0.0285, but this will rise throughout the campaign, with the next uptick in three days.