Ethereum’s rally expectations have been dashed as Consensys, a provider of Ethereum infrastructure, has filed a lawsuit against the Securities & Exchange Commission (SEC). Consensys accuses the SEC of unlawfully taking authority over Ethereum, which could have disastrous implications for the network. In addition, insider sources have informed Reuters that the SEC is likely to deny a spot Ethereum ETF, further dampening investor sentiment. Despite these setbacks, whales in the market remain positive on Ethereum and continue to accumulate ETH. The price of Ethereum is currently consolidating and may remain within a range in the near term. The outcome of Bitcoin’s price movement will also influence Ethereum’s trajectory.
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Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
