Ether (ETH) at the big breakthrough: Repeal of SAB 121 opens up new possibilities

Ether (ETH) at the big breakthrough: Repeal of SAB 121 opens up new possibilities

Crypto analyst Markus Thielen of 10x Research points out that ether (ETH) has the potential to be a "low-risk, high-return" investment following the US Securities and Exchange Commission's (SEC) repeal of the controversial SAB 121 accounting rule. The rule, introduced in March 2022, required financial institutions to report cryptocurrencies as liabilities, which hampered their entry into crypto.

Thielen argues that ether's current price formation suggests the possibility of a "tactical breakthrough." At the time of writing, ETH was trading at around $3.325, with a recent high of $3.707. The analyst believes that ether could break above the triangle formation, with a stop-loss set near the recent low of $3.186.

Predictions for ether's price going forward are bullish, with some traders expecting ETH to reach the $7,000 level. Joseph Lubin, co-founder of Ethereum, also suggested that the early approval of exchange-traded funds (ETFs) on ETH could affect the price. There is also speculation that the Trump family is planning to expand into the crypto space through an Ethereum-based business.

Thus, the repeal of SAB 121 opens the door for the expansion of DeFi services and may strengthen Ether's position as a key element of the cryptocurrency ecosystem.

*This is not an investment recommendation.

Coingarage team