Ethereum price analysis: ETH/USD lost all Monday gains; G20 countries see cryptos as an asset

G20 countries don't think that cryptos are real money.
ETH recovery stalled at on approach to $560.00 resistance.

Tanya Abrosimova Independent Analyst

Ethereum is struggling to recover from the lowest levels since December 2017. The price has been declining steadily since the time it topped at $558.84 on Monday. As it is visible on the hourly chart, ETH/USD is trading within a range, created by 50 and 100-SMA, where support comes at $526 and the resistance is created by $560.

Cryptocurrency markets are fussy on Monday, as most of the coins lack direction, following the violent movements of the previous sessions. At first glance news from G20 meeting seemed to be encouraging, but further discussions revealed that countries are inclined to view digital currencies as assets.

The G20 finance ministers will discuss this on Tuesday afternoon, but many officials believe that digital coins lack the traits of money, which make them subject to capital gain taxes.

“Whether you call it crypto assets, crypto tokens -- definitely not cryptocurrencies -- let that be clear a message as far as I’m concerned,” Bloomberg cites Klaas Knot, president of De Nederlandsche Bank NV and chairs of the Financial Stability Board’s standard committee on the assessment of vulnerabilities.

Ethereum technical picture

On the intraday basis, ETH/USD is trading at $539, just above 50-SMA, while the upside is limited by 100-SMA on $560. The coin is locked in the range with downside bias as the recovery stalled on approach to the said resistance. A sustained dip below $526 support level and below $500 might trigger an extended sell-off towards Sunday's low at $453.

ETH/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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