Ether has been going down over the last 3 days. On Wed Oct 3, the crypto is losing 3.4 % and is trading at $218.19, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
Previously, Ethereum failed to stay above $232 and went down to the bullish trendline at $225, both on H1 and then on D1. Once having broken out this level, Ether went to the bearish zone. Currently, it is still under pressure and may soon test the support levels at $203 and $207. The selloff may increase as much as the price goes closer to $207.
In a shorter term, the Ethereum price may go down to $213, where the target at $207 would look more realistic. The resistance is meanwhile at $230. The MACD is moving along the signal line on D1, and being in the negatives, it does not issue any clear signal. The Stochastic is in the positives and is giving a strong sell signal.
Meanwhile, BitMex Research say ICO projects cannot influence Ether price, as they already cashed out all ETH they needed. During the fund raising phrase, the economists concluded the influence was small, if any.
On the other hand, Christopher Giancarlo, the head of 5he CFTC, says digital coins are unlikely to compete fiat money. There are industries cryptos can be applied to, he adds, but they will hardly ever replace the dollar or the euro. The digital currencies will be here to stay, he thinks, so the governments will have to find a way to regulate them.
Giancarlo also mentioned most laws concerning blockchain are now obsolete. CFTC is acting in the crypto market as an institutional investor, unlike SEC, where the security is king. This is important, as the authority is constantly monitoring the market to detect fraudulent activities and money laundering, which often happens in the crypto market.
Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.