Ethereum (ETH) prices steady but yet to clear $170 SEC new guidelines is massive for Ethereum (ETH) but sellers are back

In an effort to improve and provide clarity on the legitimacy of cryptocurrencies, the SEC has released a new set of guidelines. One topic that has always dominated the discussion when it comes to the SEC and cryptocurrencies is ICOs. From the new guidelines the SEC seems to be accepting ICOs which it has previously seemed to be against. Price wise and Ethereum (ETH) bulls are in the forefront but there‘s strong liquidation at $170.

No doubt, Ethereum (ETH) has been enjoying immense gains following this week’s price explosion. Although much of this is because of its positive correlation with Bitcoin, recent regulatory development is nonetheless supportive.  Before the release of  SEC new guidelines, the SEC chairman had clarified that Ethereum was not a security. As a result, it meant that the project would not fall under the scrutiny of the agency.

Two senior #SEC staffers publish new guidelines for #cryptos, classify them as investment contracts, moves regulation ten more yards down the field. The crypto world is waiting anxiously for SEC’s decision concerning #BTC ETFs.

— Weiss Ratings (@WeissRatings) April 4, 2019

Stating in a letter to Coin Center, the chairman said:

“A digital asset may be offered and sold initially as a security because it meets the definition of an investment contract, but that designation may change over time if the digital asset later is offered and sold in such a way that it will no longer meet that definition,”

With the deep liquidity in Bitcoin (BTC), traders are yet to feel the shocks, but hints are there that prices will correct lower. Like the lift-off, BTC sliding will harm Ethereum (ETH) prices now that the coin is already over-valued and participants actively searching for fair value.

Even so, we are net bullish and expecting ETH prices to edge higher now that new SEC digital asset investment guidelines are differentiating between utilities and securities. Nevertheless, every dip should be another loading opportunity.

Although there hasn’t been a firm close above $170 nullifying the bear breakout pattern of Q4 2018, we shall maintain our bullish outlook expecting a wide-ranging and sustained break above $170 triggering risk-averse traders into action. It is after that when traders can begin aiming at $250 or higher. Before then, risk-off traders should be looking for undervaluation in smaller time frames as they trade in line with Apr-2 bull bar.

Volumes are thin, and prices are yet to reverse Feb 24 losses From this, prices might slide as participation drop, but any bar that will drive prices above $170 with high volumes exceeding Apr 3—850k would confirm buyers of Mar 25-27 and those of Apr 2.

Chart courtesy of Trading View

The post SEC Can’t Stop Ethereum (ETH) Sell-off, Asset Bearish Below $170 appeared first on NewsBTC.

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