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.

Manoj B Rawal Independent Analyst

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.

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