Tanya Abrosimova
Independent Analyst
- 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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?