Ethereum price analysis: ETH/USD enjoys recovery to $700, famous blockchain writer names the main obstacle for crypto legal adoption

ETH/USD recovers from previous week's low.
William Mougayar says SEC know little about crypto.

Tanya Abrosimova Independent Analyst

Ethereum returned to $700 handle from $655 lo reached on May 18 amid general cryptocurrency sell-off. The recovery took the coin above 200-DMA at $683 and pushed to Sunday's high at$724. Currently. ETH/USD is trading at $714, mostly unchanged since the start of the day. The second largest coin with the market value over $71B has registered diminishing trading volumes ($2.2B for the recent 24 hours).

According to William Mougayar, famous writer on blockchain-related topics and advisor to the Ethereum foundation, regulators have difficulties with understanding cryptocurrencies, which create barriers on the way of their legal adoption.

Speaking to CNBC, Mougayar noted that SEC is trying to catch up with the fast-growing industry and educate themselves on the topic.

"Right now they are still grappling with it, and for them, the box that they play in is that they see all these cryptocurrencies as a security. But in reality, not everything is a security. They want everything to play in that box," he added criticising current position of SEC.

Ethereum technical picture

On the intraday level, ETH/USD is moving within a clear upside trend, above hourly MAs. The trendline coupled with 200-SMA (hourly chart) creates local support at $700, followed by $695. Once this area is cleared, May 18's low at $655 will come back into focus. On the upside, near-term resistance is created by $725 and $735 levels with an ultimate target at $800.

ETH/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

Dogecoin tests a key make-or-break point amid waning retail support

Dogecoin trades below $0.08000 maintaining a steady decline for the seventh straight week, with a 4% drop the previous day. The meme coin is losing its retail strength as DOGE futures Open Interest drops 10% in 24 hours, while institutional demand remains muted with zero inflows so far this week.

Meta CEO Zuckerberg directs development of standalone prediction markets app 'Arena'

Mark Zuckerberg has directed a small team at Meta to develop a new smartphone app focused on prediction markets, according to a Tuesday report by the New York Times. The experimental project, internally known as Arena, would allow users to forecast outcomes across sports, politics, entertainment and current events.

Top 3 Price Prediction: BTC under pressure, ETH loses key support, XRP momentum weakens

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday after falling slightly the previous day. BTC trades below $63,000, ETH slips below $1,700, while XRP momentum continues to weaken. The deteriorating price action in these top three cryptocurrencies suggests a potential continuation of the near-term correction.

Crypto Market Overview: Bitcoin loses $63,000 amid tech sell-off – WLD, VVV tokens lead losses

Bitcoin (BTC) edges below $63,000 at press time on Wednesday, amid a global sell-off of tech stocks, including AI and chip stocks. The broader crypto market recorded $550 million in total liquidations, primarily driven by long liquidations, suggesting sell-side dominance, with Worldcoin (WLD) and Venice Token (VVV) leading losses.

Bitcoin: Recovery hopes fade after the Fed spoils the party

Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.