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

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