ETH/USD stays under $90.00 as CFTC seeks public opinion on Ethereum-like coins


  • ETH/USD needs to recover above $100.00 to mitigate bearish pressure.
  • CFTS wants feedback on cryptocurrencies.


ETH/USD is changing hands at $87.60. The coin is marginally lower on a day-to-day basis as traders are trying to figure out where from here. The third largest coin with a market capitalization of $9.4B is dominated by bearish sentiments that gripped the global cryptocurrency market.

CFTS is asking about Ether

The Commodity Futures Trading Commission is seeking public feedback on digital currencies like Ether, according to the statement published by the agency on Tuesday. 

The Commission whats to better understand the mechanics for the virtual coins other than Bitcoin and to differentiate opportunities, challenges, and risks poised by cryptocurrencies like Ether.

"In a Request for Information (RFI) that will be published in the Federal Register, the CFTC is asking  for public feedback on a range of questions related to the underlying technology, opportunities, risks, mechanics, use cases, and markets, related to Ether and the Ethereum Network," the statement says.

The comments are accepted within 60 days of publication in the Federal Register.

Ethereum's technical picture

On the daily chart, ETH/USD is supported by the lower line of Bollinger Band currently at $83.50. Once it is broken, the downside may be extended towards the recent low of $82.15. A sustainable move under psychological $80.00 will open up the way to a broader collapse with $50.00 in focus.

On the upside, $100.00 remains the key hurdle. A strong move above this level is needed to create a positive momentum with the next aim at $105.71 (the middle line of Bollinger Band (daily chart). However, the daily RSI (Relative Strength Index) stays flat in the oversold territory, which implies that the recovery is not on the way as of yet.

ETH/USD, the daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

China prohibits units and individuals from creating and selling cryptocurrencies

The new draft of legal comments clearly states that no individual or unit can produce or sell tokens to replace CNY in circulation in the market. The violation of this law will have severe consequences according to the draft.

More Cryptocurrencies News

Uniswap Price Prediction: UNI needs to crack $3.1 for a massive price explosion

Uniswap has been in a downtrend for several weeks now while bulls attempt to see any kind of rebound. The digital asset seems to be facing a crucial resistance point. Let’s take a look at several indicators and patterns to determine the direction of the price.

More Uniswap News

Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

More Bitcoin News

Yearn.Finance Price Prediction: YFI looks poised for a breakout towards $20,000

YFI has been trading inside a massive downtrend since September 12 and formed a head and shoulders pattern that broke bearishly. After losing close to 70% of its value over one month, the digital asset seems ready for a massive rebound. 

More Yearn.Finance news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast

BTC

ETH

XRP