Ethereum price analysis: ETH/USD bullish again above $700, CFTC asks SEC to decide Whether Ether is a security token or not

Ethereum price is shaking off the bear pressure that has engulfed it since the yesterday. The unstoppable downside momentum butchered past the key support areas at $730 and $700 only to be supported at $680 stopping further declines.

In the US, regulators are at a dilemma about Ethereum (ETC), is it a security token? And if it is, then what next? The Commodity Futures Trading Commission (CFTC) has requested the Securities and Exchange Commission (SEC) to make haste with its decision on how to categorize Ether. Ethereum is the second virtual currency by market capitalization and if labeled as a security, it could bring uncertainty and disruption in the market.

Other news related to Ethereum from Germany say that Börse Stuttgart, one among the largest stock exchanges in Europe has opened trading for cryptos starting with Bitcoin, Ethereum, Ripple and Litecoin. The trading has been launched on a crypto app referred to as Bison. Bison is said to make crypto trading easy by analyzing over 250,000 tweets in the industry and summarizes them into vital data and information.

In the meantime, Ethereum has broken above the resistance from the 50% Fib retracement level with the last swing high of $766 and a low of $644. ETH/USD is exchanging at $705, besides, the bullish momentum is testing $710 but the eyes are on $720 after clearing the resistance from the 100 SMA on the 1-hour chart. On the other hand, the 50 SMA is supporting the price at $705, but the immediate support is at $700. The zone at $680 is very essential and will also act as a major support in the event of another slide.

ETH/USD 1-hour chart