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Ethereum was previously consolidating inside a symmetrical triangle model and broke under the support to signal that further declines are being processed. The price may be due to a quick withdrawal of the support before heading further south.
The 100 SMA is below the 200 long-term SMA to confirm that the path of least resistance is towards the negative side or that the selloff is more likely to resume than to reverse. However, the RSI is getting higher after having recently hit the oversold region, indicating that buyers could come back from here. Even the Stochastic is starting to rise and heads north, so the price could follow the example while the bulls are in control.
Ethereum could hit the resistance at the bottom of the broken triangle of about $ 90 which aligns with the 100 SMA dynamic deflection point. If so, more sellers could jump at this level and push for a move below the low swing. A larger rebound could hit a ceiling at the top of the triangle near the 200 SMA dynamic resistance.
It is said that the CFTC is looking more closely at ethereum, issuing an RFI or an input request from the public to answer its questions about the nature of this digital asset. In its press release, the regulator stated:
"The CFTC expects that the comments and information received will benefit LabCFTC, the CFTC's FinTech initiative, and will help inform the Commission on understanding these emerging technologies."
The request lists about 25 questions on ethereum and its network, also asking for the differences and risks with respect to bitcoins. He continued to declare:
"The contribution of this request will foster the CFTC's mission to ensure the integrity of derivatives markets and to monitor and reduce systemic risk by increasing legal certainty in the markets." RFI seeks to understand the similarities and the distinctions between some virtual currencies, including ether and bitcoin, as well as opportunities, challenges and specific risks of the ether ".
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