Ethereum price analysis: ETH/USD creeping closer to $500 as China contemplating the crypto regulation

Ethereum broke above 78.6% Fibo, $500 looms large
Softer position from Chinese regulator might provide an additional bullish trigger for ETH.

Tanya Abrosimova Independent Analyst

Ethereum, the seconds largest coin by market value, is changing hands at $476 after peaking at $487 on Monday. ETH/USD is up 6% on a daily basis and unchanged since the start of the day. Ethereum's market value amounts to $48.2, while the average daily trading volume settled at $1.7B from $1.4B registered on Monday. Both volatility and trading activity are elevated during Asian hours.

From the long-term perspective, ETH/USD managed to break above 78.6% Fibo retracement level at $460, which is a positive sign for the coin. The price is still below $500 handle; however, further recovery on the global crypto market might create favorable conditions for ETH breakthrough.

The sighs that China is about to soften its stance towards digital assets are also positive for Ethereum. At least China's Banking Regulatory Commission said that it was positive about the cryptocurrency market as long as domestic regulators properly license local operators.

ETH/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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