- Ethereum is rangebound with no signs of recovery.
- Foley survey revealed, that long-term investors choose Ethereum.
Ethereum is changing hands at $433 at the time of writing. The coin is mostly unchanged on a daily basis, however, it is down about 1.8% from the start of the day.
The US-based company Foley & Lardner LLC surveyed a vast pool of respondents and found out that an overwhelming majority (84%) wants the industry to be regulated, especially when it comes to controversial that initial coin offerings.
Bitcoin and Ethereum are the most popular coins, the report shows; however it is hardly surprising. Bitcoin is believed to gain broader acceptance as a means of payment - this view shared by 43% of respondents, while Ethereum is regarded as the best investment option (38%).
"Bitcoin and Ethereum are the ‘safest’ crypto assets to build a business around because they are the only crypto assets that the SEC and the CFTC agree upon. That’s not to say that Bitcoin or Ethereum investment is safe – it’s not. It’s also not a prediction that these assets will outlast all of their competitors. A competitor of Bitcoin and Ethereum could arise to take their place, or the entire asset class might disappear," Patrick Daugherty from Foley's blockchain task force writes.
Ethereum's market value has settled at $43.5B, while the average daily trading volume reduced to $1.3B from eye-popping $4B on Monday. It was a one-off increase of undetermined origin.
On the intraday level, ETH/USD is capped by 50 and 100-SMA at $438 and $445 respectively (hourly chart). A sustainable move higher will pave the way towards 200-SMA at $475 and critical $500 handle. An extended sell-off will bring $420 into focus.
ETH/USD, the hourly chart
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