Ethereum price analysis: ETH/USD regains ground as regulatory discussions appear to be fake news
|- Ethereum settles in the middle of $700-$800 range.
- No one is going to label Ethereum as a security.
Ethereum price touched $693 low on Monday before recovering back above $700 handle. The coin is trading at $75.50 mostly unchanged on the day as fears related to the upcoming SEC and CFTC meeting proved to be ungrounded.
"The SEC made us fear Ethereum because Bitcoin was so obviously just a currency and out of their realm. They want to crush crypto, so the only way to scare us is to frown at Ethereum. The legal field is clear: Fish will ride bicycles before Etheteum could be called a security," crypto proponent and industry influencer John McAfee wrote in his Twitter account.
Though it is not quite clear who actually spread the fear. Twitter users report that they called both SEC and CFTC, but people on the other end knew nothing about the discussions related to Ethereum and similar coins.
Ethereum technical picture
ETH/USD bears stopped at 100-DMA (currently at $685). The fact that ETH quickly reversed the losses and settled above $700 may be regarded as a positive signal, though, the bulls have the ultimate goal set at $800. It is not totally out of reach, now that the fear subsided. Once $800 is cleared, $830 will come into view, strengthened by 38.2% Fibo.
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