Ethereum fluctuated in the range of $1,819 in the Asian market on Thursday (May 18), and successfully completed a V-shaped rebound overnight, with bulls aiming to break through $1,900. James Filan, defense attorney for Ripple, pointed out that according to the court order, the internal documents of William Hinman, former director of the U.S. Securities and Exchange Commission, must be unsealed on June 6. The document mentioned that "Ethereum is not a security", which will be beneficial to the future rise of Ethereum.
The Hinman document is related to a speech by Bill Hinman, former director of the SEC and former head of the Department of Corporate Finance, in 2018, in which he basically expressed the key message that "Ether is not a security." The content of this document involves the internal discussions and deliberations of the SEC around the speech.
For many years, the U.S. Securities and Exchange Commission has been unable to give a legal definition of whether Ethereum is a commodity or a security. But if the court orders the unsealing of Hinman's documents, it means indirectly certifying its legal definition. "According to the court's order of September 12, 2022, the parties have 21 days to submit a public, redacted version of the summary judgment document consistent with the sealed ruling, and June 6 is 21 days away from yesterday's ruling," Phelan wrote.
However, there are views in the crypto market that if the SEC appeals or the case enters the settlement stage, the stipulated timetable may be affected.
Another attorney following the case, Hogan & Hogan partner Jeremy Hogan, noted that the SEC has about 10 days to appeal that particular order.
AshleyPROSPER1, a well-known opinion leader in the Ripple (XRP) community, believes that the prospect of Hinman's documents being unsealed could prompt either party to seek a settlement, as they may have information they don't want the public to have access to.
However, Ripple CEO Brad Garlinghouse tweeted on Tuesday that they were eager to see the unredacted Hinman emails "public soon."
While Ripple Labs has long had access to the documents, it considers this aspect of the case to be important evidence in its defense against the SEC and whether XRP is a security.
The SEC filed a motion in late December 2022 to seal the Hinman documents from the public, arguing that they were "irrelevant" to the ultimate outcome of the case and that the SEC's mission outweighed the "public's right" to access them.
But U.S. District Judge Analisa Torres of the Southern District of New York ruled on Wednesday that Ripple won the lawsuit and rejected the SEC's motion to seal internal documents of former director William Hinman.
Ethereum Technical Analysis
FXEmpire analyst Bob Mason mentioned that Ether needs to avoid the $1,815 pivot to target the first major resistance level (R1) at $1,845. A breakout above Wednesday's high of $1,837 would signal a breakout. However, Ethereum collateral statistics and the U.S. debt ceiling update must support a breakout.
If the rally continues, bulls may test the second major resistance level (R2) at $1,868 and resistance at $1,900. The third major resistance level (R3) is located at $1,921.
A break below the pivot would bring the first major support level (S1) at $1,792 into play. Barring a risk-off sell-off, however, Ether should avoid sub-$1,750. The second major support level (S2) at $1,762 should limit downside. The third major support level (S3) at $1,709 is now in play.
Bob pointed out that tracking the EMA and 4-hour candlestick chart, this is a mixed signal. Ethereum is below the 100-day MA, currently at $1,842. The 50-day MA narrows to the 100-day MA, while the 100-day MA falls back from the 200-day MA, sending mixed signals.
A break above the 100-day MA at $1,842 and R1 at $1,845 would support a move above the 200-day MA at $1,855, putting the bulls in position to run at R2 at $1,868 and $1,900. However, a break below the 50-day MA at $1,823 would bring S1 at $1,792 into view.
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