• 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


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum continues hinting at rally following reduced long liquidations

Ethereum continues hinting at rally following reduced long liquidations

Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.

More Ethereum News

HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera

HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera

Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera. 

More Hedera News

Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds

Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds

Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome. 

More Bitcoin News

Crypto community reacts as BRICS considers launching stablecoin for international trade settlement

Crypto community reacts as BRICS considers launching stablecoin for international trade settlement

BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

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? 

Read full analysis

BTC

ETH

XRP