A group of crypto advocacy groups have urged lawmakers to include a bill protecting software devs from being labelled as money transmitters included in a crypto market structure bill.

Crypto lobby wants software dev protections added to crypto bill

Gemini Trust Co., the cryptocurrency exchange and custodian launched by 
Cameron and Tyler Winklevoss, has confidentially filed for an initial public 
offering. The IPO plans follows a series of positive regulatory developments 
for the firm, according to CNBC. The filing…

Gemini moves toward IPO as regulatory pressure eases

Arca&#8217;s chief investment officer, Jeff Dorman, previously said the investment 
company would stop doing business with Circle.

Arca unloads Circle shares after scathing IPO letter

Ethereum has experienced a sharp pullback, retracing over 10% since yesterday 
as the broader crypto market faced a wave of volatility. Despite the decline, 
bulls are showing resilience. ETH failed to break below the critical $2,300 
mark and is now holding firm above $2,400, a sign that demand remains strong 
at current levels. Investors are watching closely as Ethereum consolidates and 
attempts to recover lost ground. Related Reading: Solana Horizontal Support 
Under Pressure – Bearish Target At $142 Top analyst M-Log1 shared a technical 
update indicating that ETH is currently sitting around the 200-period moving 
average on the 4-hour chart. This level often acts as a major trend indicator, 
and reclaiming it could spark renewed bullish momentum. According to M-Log1, 
Ethereum’s price action suggests a potential recovery toward the $2,600 zone, 
especially if bulls manage to push above the 50 and 100 MAs. This renewed 
interest in ETH comes at a pivotal moment for altcoins. Many market 
participants are now evaluating whether this consolidation phase marks the 
beginning of a larger move for Ethereum and related assets. For now, all eyes 
remain on key technical levels as the market awaits confirmation of direction. 
Ethereum Eyes Recovery After Market Shake-Up Ethereum is showing signs of 
strength amid heightened market volatility sparked by rising tensions between 
Elon Musk and US President Donald Trump. The sharp war of words between the 
two high-profile figures triggered a wave of uncertainty in financial markets, 
prompting swift reactions across the cryptocurrency sector. While Bitcoin 
remains stable above the $100K level, altcoins have experienced significant 
pullbacks—ETH included. However, the coming weeks are shaping up to be 
decisive, with many investors closely watching for signs of recovery. ETH has 
retraced over 10% in recent sessions but is now bouncing from the lows. Bulls 
appear confident as Ethereum holds above the $2,400 level and attempts to 
reclaim key moving averages on the 4-hour chart. According to M-Log1, ETH 
currently sits near the 200MA, a crucial technical level that often signals 
trend reversals. He notes that Ethereum is bouncing exactly as expected 
following last week’s broader altcoin correction. M-Log1’s analysis points to 
the $2,600 level as the next target. A successful push toward that zone, along 
with reclaiming the 50 and 100 moving averages, could set the stage for a 
strong rally throughout June. If ETH manages to build momentum and maintain 
support, the altcoin market could experience renewed bullish energy. Despite 
ongoing macroeconomic uncertainty and political risk, Ethereum’s resilience is 
notable. With technical support holding and confidence slowly returning, the 
setup remains constructive, assuming bulls continue to defend key levels. As 
the market digests recent events, ETH&#8217;s price action over the next few days 
will offer critical insight into whether a new altseason can take off or 
whether further downside is still in play. Related Reading: Ethereum Mirrors 
Bitcoin 2020 Breakout Setup – Historic Run Incoming? ETH Weekly Chart: Key 
Levels Hold Ethereum is currently trading around $2,475 on the weekly chart, 
showing signs of hesitation as it faces strong resistance near the 200-week 
simple moving average (SMA) at $2,450. Although ETH managed to surge above 
this level briefly, the candle is showing rejection near the $2,680 area, 
which coincides with both historical resistance and the upper end of the 
34-week EMA ($2,499). This confluence of resistance levels is proving to be a 
critical zone for bulls to reclaim. Despite the recent bounce from April lows, 
ETH is still struggling to gain bullish momentum on the higher timeframes. The 
last few candles reflect indecision, with long wicks and narrowing body size, 
suggesting that while buyers are defending downside levels, sellers remain 
active near resistance. If ETH fails to close the week above the 200-week SMA, 
a pullback toward the $2,300–$2,250 range is likely, which aligns with the 
50-week and 100-week moving averages. Related Reading: Ethereum Consolidates 
Against BTC – Altseason Hopes Hinge On ETH/BTC Breakout On the upside, a 
strong weekly close above $2,700 would be a major breakout signal, potentially 
triggering a broader altseason. For now, Ethereum’s weekly structure remains 
neutral-to-bullish, with consolidation above the 200-week SMA acting as a key 
battleground for trend confirmation. Featured image from Dall-E, chart from 
TradingView

Ethereum Stabilizes After Market Drop – Key MA Reclaim Could Trigger A June Rally

Allegations on the president’s ties to the crypto industry and claims of 
“Trump derangement syndrome” clouded attempts to reach an agreement on a 
market structure bill in Congress.

Crypto market structure hearing devolves into partisan claims

Cryptocurrency exchange Gemini has taken a major step toward going public 
after submitting a document to kick-start the initial public offering (IPO) 
process. According to a June 6 statement, the company has confidentially 
submitted a draft registration statement on Form S-1 to the U.S. Securities 
and Exchange Commission (SEC). While details such as the number […]