Ether Poised For Tactical Breakout Amid SEC Rule Change

According to Cointelegraph, Ether (ETH) may be on the verge of a significant breakout following the U.S. Securities and Exchange Commission's (SEC) decision to revoke a crypto accounting rule. This rule had previously deterred financial firms from offering crypto services. Markus Thielen, head of research at 10x Research, highlighted this development in a January 23 market report, suggesting it could be a pivotal moment for Ethereum. The change could potentially drive the expansion of decentralized finance (DeFi) services, positioning Ethereum as a central component of the ecosystem. The SEC's recent action involved the removal of Staff Accounting Bulletin (SAB) 121, which required financial firms holding cryptocurrencies to record them as liabilities on their balance sheets. This rule, introduced in March 2022, had been a point of contention within the crypto industry, which had long sought its revocation. Thielen, who is not typically a strong advocate for Ether, noted that the current price chart formation presents a compelling, low-risk, high-reward opportunity. At the time of writing, Ether was trading at $3,325, according to CoinMarketCap data, having previously reached a high of $3,707 earlier in January. Thielen suggested that Ether could break above its current triangle pattern, with a prudent stop-loss near the recent low of $3,186. Meanwhile, other analysts have made bold predictions about Ether's future price movements. In a January 23 post, the pseudonymous crypto trader Titan of Crypto claimed that a $7,000 price for Ether is inevitable, while another trader, Crypto Caesar, predicted that ETH will soon experience a significant surge. Ethereum co-founder and Consensys founder Joseph Lubin also shared insights with Cointelegraph, indicating that two factors could influence Ether's price. He mentioned that Ether exchange-traded fund (ETF) issuers are optimistic about receiving regulatory approval for funds offering ETH staking. Additionally, Lubin suggested that the Trump family might expand its involvement in the crypto space by launching an Ethereum-based business, stating, "Based on what I am aware of, the Trump family will build one or more giant businesses on Ethereum." This article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers are encouraged to conduct their own research before making any financial decisions.