Cryptocurrencies Price Prediction: Dogecoin, Ethereum & SEC – European Wrap 31 March
|Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
Dogecoin price formed a range, extending from $0.0705 to $0.0952 in November 2022. For roughly five months, DOGE has been trading in the aforementioned range, but the recent deviation below the range low, followed by a quick recovery, suggests that there could be a bullish move waiting to happen.
Ethereum price gears up for rally ahead of ETH token unlock and “re-staking” narrative
Ethereum token unlock is drawing close with the upcoming Shanghai hard fork, also known as Shapella. Currently, nearly 15% of the asset’s supply is staked, lower than its Proof-of-Stake (PoS) competitor blockchains. Prior to token unlock, projects and institutions have announced “re-staking” solutions for Ethereum, and this is expected to ease the selling pressure from ETH withdrawals.
Ethereum token unlock is a key event for the altcoin’s community as stakers will have access to their staked ETH for the first time since December 2020. However, given that the altcoin’s price is over 60% away from its all-time high and nearly 15% of the supply is staked, less than most other PoS blockchains experts believe the community is looking for “re-staking” opportunities.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure, calling for new tools, expertise and resources to fight misconduct in the crypto arena.
Gensler was testifying on the SEC’s Fiscal Year (FY) 2024 budget request. An excerpt from his testimony reads:
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