SEC's official confirmed that Ethereum is not a security; ETH/USD catapulted above $500

Ethereum is not subject to US security regulation.
ETH/USD settles safely above $500 handle.

Tanya Abrosimova Independent Analyst

ETH/USD grew strongly late on Thursday and regained $500.00 handle, which is regarded to be crucial for the extended recovery. Currently, the second largest coin is changing hands at $512, off the recent high of $528. It is down 1.5% since the start of the day, but still well in green on daily basis. Current market capitalization is $51B and average trading volumes $2.3B.

The top official from the U.S. Securities and Exchange Commission confirmed that Ethereum is not subject to federal securities laws as this digital asset cannot be regarded as a security.

“Based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions,” William Hinman from SEC’s corporation finance unit, said on Thursday in San Francisco.

The Strong upside momentum took ETH/USD above critical $500 level, however, the next hurdle at $530 stopped the recovery for the time being. Once it is cleared, we may proceed to the resistance at $548 (200-SMA, hourly chart) and towards the ultimate bullish aim at $600. On the downside, the support comes at $500 with 100-SMA on approach. Then comes $487 support created by 50-SMA (hourly chart) and $400.

ETH/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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