The ether has gone down in the last 3 days. Wednesday, October 3, cryptography is losing 3.4% and trading at $ 218.19, says Dmitriy Gurkovskiy, Chief Analyst of RoboForex.
Previously, Ethereum could not stay above $ 232 and fell to the bullish trendline at $ 225, both on H1 and on D1. Once this level dropped, Ether went into the bearish zone. It is currently still under pressure and may soon test support levels at $ 203 and $ 207. The selloff may increase as much as the price approaches $ 207.
In a shorter term, the price of Ethereum could drop to $ 213, where the $ 207 target would seem more realistic. Meanwhile the resistance is at $ 230. The MACD moves along the signal line on D1 and, being in negatives, does not emit any clear signal. The Stochastic is positive and is giving a strong sales signal.
Meanwhile, BitMex Research says that ICO projects can not influence the price of Ether, as they have already collected all the ETHs they need. During the fundraising phrase, economists concluded that the influence was small, if there was.
On the other hand, Christopher Giancarlo, head of the 5th CFTC, states that digital currencies are not able to compete with the legal currency. There are industries that can be applied to cryptos, he adds, but they will hardly replace the dollar or the euro. Digital currencies will remain here, he thinks, so governments will have to find a way to regulate them.
Giancarlo also mentioned that most of the laws concerning the blockchain are now obsolete. CFTC acts in the encrypted market as an institutional investor, unlike the SEC, where security is king. This is important because the authority constantly monitors the market for fraudulent activity and money laundering, which often happens in the encrypted market.
Disclaimer: Any provision contained in this document is based on the particular opinion of the authors. This analysis should not be treated as a trading advice. RoboForex can not be held responsible for the results of trading resulting from the trading recommendations and reviews contained in this document.