Ethereum was previously consolidating inside a symmetrical triangle pattern and has broken below support to signal that further declines are in the works. Price could be due for a quick pullback to support before heading further south.

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is more likely to resume than to reverse. However, RSI is turning higher after recently hitting the oversold region, indicating that buyers could return from here. Stochastic is also starting to pull up and head north so price could follow suit while bulls are in control.

Ethereum might hit resistance at the broken triangle bottom around $90 that lines up with the 100 SMA dynamic inflection point. If so, more sellers could jump in at these level and push for a move below the swing low. A larger bounce could hit a ceiling at the triangle top close to the 200 SMA dynamic resistance.

The CFTC is reportedly looking closer into ethereum, issuing an RFI or request for input from the public to respond to its questions on the nature of this digital asset. In its press release, the regulator stated:

“The CFTC expects the comments and information received will benefit LabCFTC, the CFTC’s FinTech initiative, and help to inform the Commission’s understanding of these emerging technologies.”

The request lists around 25 questions on ethereum and its network, also asking about the differences and risks compared to bitcoin. It went on to state:

“The input from this request will advance the CFTC’s mission of ensuring the integrity of the derivatives markets as well as monitoring and reducing systemic risk by enhancing legal certainty in the markets. The RFI seeks to understand similarities and distinctions between certain virtual currencies, including here ether and bitcoin, as well as ether-specific opportunities, challenges, and risks.”

The post Ethereum (ETH) Price Analysis: Downside Triangle Breakout appeared first on Ethereum World News.

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