Ethereum Price Prediction Daily (8-June): Binance/CoinBase SEC Charges! Will It Affect The ETH Price?

The crypto world has been experiencing a series of shockwave events rocking the whole community for the past few years now.

And right now, we are currently dealing with a massive crackdown on crypto exchanges by the SEC. This SEC’s Lawsuit Accuses Binance and Coinbase of Violating U.S. Derivatives Rules and illegally taking on U.S. customers.

This news caused widespread panic in the crypto market because Binance and CoinBase are two of the biggest crypto exchanges in the world. Crypto Market Recap After Binance Faces SEC Lawsuit

What does this news mean for Ethereum and what can we expect to see happen in the coming days? We will be covering all that and more in this Ethereum analysis.

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What Now For Ethereum?

Since the news of the SEC lawsuit broke out, we have seen the ETH trading volume gradually die down as more traders are choosing to sit on the sideline during this period of uncertainty in the crypto market.

This has caused the ETH price to continue trading within the range-bound market we have been in since last week.

And until the ETH price can break through this range-bound market, we might just continue to see trading volume continue to die down in the coming days.

So for now, we will continue to stand aside and wait for the Altcoin trend to develop. And the only way it can develop is by breaking out of the ranging channel it is currently in.

Side Note: ETH Bearish Fundamental Supports Our Bearish Bias On Ethereum.

The bearish fundamentals we are seeing play out on Ethereum fully support the bearish Flag Pattern we have been tracking in the ETH 4-hour timeframe.

If this pattern plays out, we can easily see the Altcoin price crash more than -15% in the coming days.

Read this article for a full breakdown of this key Urgent! Watch This ETH Bearish Target For This Key Pattern.

Final Verdict!

The combination of bearish fundamentals and bearish technical analysis increases the possibility of us seeing an ETH sell-off in the coming days.

However, for now the Ethereum price is still ranging and we are seeing trading volume drop aggressively. Once this ranging phase is over, we expect to see a massive move play out for Ethereum in the coming days.

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