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Although there are many legitimate concerns about the legality of ICOs, the SEC is about to simplify space by creating a clear distinction between digital resources that are titles and utilities. Once these guidelines go live, Ethereum as a smart bargaining and block-blocking platform for currency issuance could see increases in demand driving prices above key resistance levels.
Latest news on Ethereum
That ICOs are a disruptive but innovative way to raise funds is true. It is also true, according to previous interpretations of the SEC, that most of the projects funded in this way are titles. To this end, the SEC will provide a simple English guide on when an initial money supply used through any smart bargaining platform is classified as security.
While speaking at the conference of the D.C. Fintech Week, William Hinman, director of corporate finance at the SEC, said the agency will develop a reference guide for developers planning to issue tokens. In this way, the SEC and the director hope to smooth out the nodes, providing greater clarity on the fact that investors must be under the supervision of the SEC once these symbolic titles have been purchased.
For the sake of clarity as to whether a digital asset is a security or a utility, investors can get in touch with their new wing officials, FinHub, for "rapid feedback on securities and securities offerings". Above all, the SEC must classify any token a security if there is expectation of future gains or return on investment. Further guidance will also cover transactions in the secondary token market which the SEC classifies as securities.
Analysis of ETH / USD prices
Weekly chart
From a top-down approach it is clear that ETH / USD is stable and still moves within a $ 50 range with clear supports at $ 200 and $ 250. As before, we suggest taking a neutral position until when there will be no solid gains over $ 250- $ 300 resistance zones that reverse the losses of the week ending September 9th.
The downside, heavy losses that drive prices below the September low to $ 160 could mean another wave of selling pressure that will ultimately lead to a potential collapse of the Eth / USD below $ 100. By the way, this is not far-fetched because what is basically triggering the market at the moment is the expectation and the upside sentiment.
The talks on the implementation of the x1000 scalability solution are positive, but for now the prices have yet to be printed above $ 300. Therefore, from the point of view of the effort over the result, the bears are technically responsible.
Daily chart
Meanwhile, ETH / USD prices are traded within a tight commercial range with clear supports at October lows. Because of the Sunday price hike, we expect prices to rise, but before then we should see net gains above the highs of October 11 to $ 250 as mentioned above.
But since the volumes were high on November 5th, buyers have a chance and as such aggressive traders should start buying on-site with stops at $ 190 and first targets at $ 250 and after $ 300.
The bullish momentum above these two levels of resistance means strong support and ETH / USD prices could return to $ 400 cementing its position as the second most valuable currency in space.
Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.
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