As many of you already know, ETH is closely correlated to the number of ICOs at any point in time, thus recent uncertainty with regards to ICO regulatory environment is affecting the price movement.
At the moment, in the near/short term, as can be seen on the chart I believe the price would be range bound with USD 525 as a support level and USD 566 as a resistance level. A new pattern is forming within a bearish trend, thus I would wait for a break either way before taking on any position.
Stay alert to any ICO regulatory announcement, the G20 asked FSB to submit recommendations with regards to "crypto-assets" by next July; but individual country task forces are also in play, and hence any announcement might contribute to a price swing and break through the identified support or resistance levels.
Safe trading to you all!
At the moment, in the near/short term, as can be seen on the chart I believe the price would be range bound with USD 525 as a support level and USD 566 as a resistance level. A new pattern is forming within a bearish trend, thus I would wait for a break either way before taking on any position.
Stay alert to any ICO regulatory announcement, the G20 asked FSB to submit recommendations with regards to "crypto-assets" by next July; but individual country task forces are also in play, and hence any announcement might contribute to a price swing and break through the identified support or resistance levels.
Safe trading to you all!
