Ethereum

when

Foundation

The biggest altcoin, Ethereum (ETH) is dealing with an immense amount of FUD in the market. Reports suggest that the Ethereum Foundation is facing inquiries from the US Securities and Exchange Commission (SEC). Despite this <a href="https://news.todayq.com/ethereum-is-not-a-security-says-coinbase-clo-dismissing-rumors/" rel="noopener noreferrer nofollow">crucial probe</a>, Ether managed to surge by around 11% in the last 24 hours. ETH makes a major recovery 
According to the data, Ethereum price trading over $3,380 price level went on to dip below the $3,180 level when the US SEC probe against ETH news broke out. Since then, the <a href="https://news.todayq.com/will-us-sec-approve-ethereum-etf-experts-weigh-in/" rel="noopener noreferrer nofollow">second biggest crypto</a> has managed to record huge gains of 11%. It went on to hit the $3,580 price level the same day.
Ethereum is trading at an average price of $3,543, at the press time. It is still down by 27% from its all time high of $4,891 record on November 16, 2021. However, ETH went on to touch the $4,066 level on March 13, 2024, following Bitcoin’s lead. Somehow. Its 24 hour trading volume is down by 3% to stand at $30.6 billion.
Reports suggest that the US SEC is trying to classify Ether as a “Security”. However, several US companies had received subpoenas linked to the probe. This includes asking companies to present documents and financial records that may be related to their dealings with the Ethereum Foundation.
The US watchdog’s move might come as a surprise to the major investment firms that are putting an effort to get approval from the commission on ETH Exchange-Traded Fund (ETF). The expectations hit the high road when the SEC decided to approve spot Bitcoin ETFs trading in the country. Crypto whales on the move 
As the crypto market recovers, on chain trackers showed that the crypto whales are moving their ETH holdings to the exchanges.&nbsp;
Data shared by the WhaleAlert shows that the crypto whales had moved 32,522 Ether (approx worth $114 million) in multiple transactions to different exchanges in the last 24 hours. The biggest transaction recorded by the tracker has been moving 10,226 ETH (approx worth $36 million) to the crypto exchange Coinbase.
However, a similar transaction made by whales caught the eye of the tracker. An unknown whale moved 10,226 ETH (approx worth $34.1 million) to Coinbase.
PeckShieldAlert reported that a wallet labeled as Justin Sun had deposited 120,000 Ethereum (approx worth $480 million) in the staking protocol EtherFi. He had claimed 25K ETHFI (approx worth $102K).

Ethereum hit 11% gains despite ‘Security’ FUD

Todayq News

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