- ETH/USD is 9% above Wednesday’s close
- Market players welcome healthy regulatory oversight
Ethereum bottomed out at $563.30 on February 6. The coin has gained more than 45% since then, and the upside trend is gaining traction.
Market players were happy to know that the UD regulators are not totally against cryptos. They just want to protect investors and retail traders from scammers. The majority of cryptocurrency traders welcome more elaborated regulation as it will take the industry to a new, more advanced level.
“Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market’s rebound and push cryptocurrency prices to all new highs this year.” – Thomas Glucksmann, Head of Marketing & APAC Business Development at Gatecoin, told CNBC.
From the technical point o view, the ETH/USD crossed above 21-SMA on the hourly chart. The coin is moving towards $900 resistance, and once it is broken, 50-day SMA at $970 level will come into focus. This resistance is expected to slow down the upside dynamic or even trigger a correction. On the downside, the support is seen at $700 and at $630.22 (Monday’s low). If it is broken, the bears will be able to push ETH/USD back to $563.30.
ETH/USD, daily chart
This article was originally published on :-