Ethereum price analysis: ETH/USD goes below $700 again, CFTC Commissioner seeks clarity about ETH status
|ETH/USD slides $700 with downside momentum gaining traction.
CFTC commissioner wants to clarify ETH status.
Ethereum has recovered from early Wednesday's low of $676 to trade at $688 at the time of writing. Currently, the coin No. 2 is attempting a recovery but the short-term momentum remains bearish as long as it stays below $700.
Brian Quintenz, the commissioner of the Commodity Futures Trading Commission, urged SEC to clarify the status of Ethereum and provide guidance as to whether it was going to label it as a security.
Mr. Quintenz believes that ETH may have started as a security but not it has evolved into something closer to a commodity.
“You have to regulate what exists in the market, and if things change, you need to recognize that things have changed,” he told reporters at a Consensus conference in New York.
“But if someone has issued, through an [initial coin offering], a security, then that was an unregistered security sale and the SEC deserves to be able to have jurisdiction over that and if necessary, prosecute,” he added.
Ethereum technical picture
From the longer-term perspective, ETH/USD is moving between 38.2% ($832) and 23.6% ($652) Fibo retracement levels of the decline from $1593 to $361. Daily 100 and 200-MA ($664 an $673 respectively) provide additional support but if this area is broken, ETH/USD may drop to $600 handle and $578 (50-DMA). On the upside, the local resistance is now created by $700 and followed $742 (Monday's high).
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