Ethereum Price Is Still In Bearish State, $1700 Will Be Important Support

Key Points:

• The price of Ethereum must first overcome resistance at $1,720.
• If the pair moves over the $1,780 barrier, it may recover.
• We remain negative on the ETH price.

Ethereum’s (ETH) price remained well-bid above the $1,700 support zone. ETH seems to be forming a base above the $1,720 level, similar to Bitcoin. A low is formed near $1,718, and the price is slowly moving higher.

Right now, we are seeing the ETH price accumulate bearish volume in preparation for another move down in the coming days.

This volume accumulation has caused the Ethereum price to range all through today. And this price range is currently forming a new pattern we can track to better understand when this accumulation phase might be over.

There was a move above the $1,745 level. Besides, there was a break above a short-term contracting triangle with resistance near $1,750 on the hourly chart of ETH/USD.

A proper move above the $1,770 resistance level might send Ether toward $1,830. The next resistance sits near $1,850, above which Ethereum could rise toward the $1,880 level. Any more gains above the $1,915 resistance zone might send the price toward the $2,000 resistance.

At the time of writing, the ETH price is trading at $1,739.4. In a video shared widely across social media, the Securities and Exchange Commission Chair, Gary Gensler, says that the two most prominent cryptocurrencies, Ethereum and Bitcoin (BTC), are not securities.

The crucial documents revealed why then SEC Director Bill Hinman mentioned Bitcoin and Ethereum and let the XRP out of this category. However, Hinman’s speech indicated that a digital asset offered as a security can, over time, change into something other than a security. It highlighted that Ether was not a security even though it was launched through an initial coin offering (ICO).

It is mentioned that the internal departments had some second thoughts about stating Ethereum in the speech. Hinman drew opposition for the reason that he included Ether in the speech draft. However, he stated they have a call scheduled with Vitalik Buterin, Ethereum Founder, later that week in order to confirm the understanding of ETH foundations operations.

Although the ETH price did not react much to the above news, compared to the current market landscape, it is difficult to wait for a short-term increase. So our action now is to be patient and keep waiting.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News