Ethereum price analysis: Bulls cheer as the fear of the U.S. regulatory hearing apparently recedes
- Bounces sharply off the lows of the day.
- No hearing lined up by U.S. regulators for considering ETH as a security.
Ethereum bulls heaved a sigh of relief as the news of U.S. regulatory bodies, SEC (Securities and Exchange Commision) and CFTC (Commodity Futures Trading Commission) hearing today to consider ETH as a security, apparently turns out to be a fake news (Read this twitter thread).
ETH/USD is now down less than 6 percent at $743.169, but sharply off the day's low of $691 at which point the second largest cryptocurrency was down more than $99 or 12 percent on day, on fears of the U.S. regulatory hearing.
On the daily chart though, the price has already broken down a key long term trendline support of $794 and unless it manages to close above that line today, any rally might remain shortlived and bears might still have an upper hand.
ETH/USD daily chart:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
