ETH Ethereum Price Target| Binance vs SEC Lawsuit|Whales Dumping

Binance disputes the SEC's allegations of mishandling customer funds, deceiving investors, and violating securities laws.

The legal battle between Binance and the SEC has sent shockwaves through the cryptocurrency community.

Binance and its affiliates assert that the SEC is overreaching its jurisdiction on digital assets, especially without any clear legislative guidance from Congress. The original lawsuit, filed in June, accused Binance of unlawfully listing unregistered securities.

Historically, the actions of whales have been instrumental in shaping the price movements of Bitcoin and the broader cryptocurrency market.

Non-whale addresses, those holding less than 100 BTC, now account for over 41% of the total Bitcoin supply. Meanwhile, whales, entities holding between 100 and 100,000 BTC, have witnessed a decline in their collective holdings to 55.5%, marking their lowest ownership level since May.

The decrease in whale holdings could signal a potential change in the market's dynamics, potentially leading to increased volatility and uncertainty.

These developments collectively cast a shadow over the cryptocurrency market's near-term prospects.

In this context, my price target for ETH Ethereum is $1310.

Looking forward to read your opinion about it!