Ethereum price analysis: ETH/USD back below $700, US and Canada regulators launch Operation Cryptosweep
|- ETH/USD is still flirting with $700.
- Global regulators join forces to fight crypto scams.
Ethereum is trading marginally below $700, off from early Asian high registered at $721. The upside correction stalled as Ethereum is reversing gains together with other virtual coins.
New evidence to suggest tighter regulation ahead might have played the role in creating the bearish mood. A group of securities regulators in Canada and the United States revealed "Operation Cryptosweep" plan - an international crackdown on potentially deceitful cryptocurrencies and coin offerings.
Cryptosweep constitutes about "70 inquiries and investigations and 35 pending or completed enforcement actions since the beginning of the month" and qualifies as the largest coordinated crackdown to date by state officials on digital assets scams.
"We’re putting ourselves in the shoes of investors. We’re seeing what’s being promoted to investors. And then we’re taking the next step and then we’re finding out whether they’re complying with securities laws," Joseph Borg, president of NASAA and the director of the Alabama Securities Commission, commented.
Earlier we reported SEC attempts to educate investors through the fake ICO.
Ethereum technical picture
On the daily chart, ETH/USD is staying above both 100 and 200-DMA at $657 and $685 respectively. The coin has to make way above $800 and $832 (38.2$ Fibo) to prove the long-term upside reversal. On the downside, movement below the above said 100-DMA will open the way to $608 (50-DMA) and $600.
ETH/USD, the daily chart
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