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  • 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:

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