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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Vulnerable, ETH Price Below Three-Month Support

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis ethereum

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  • Ethereum (ETH) is down 3.2 percent
  • Omar Reyes, a candidate vying for a Congress seat in Florida, wants to issue an Ethereum token

Props, an ERC-20 token, is compliant with a key regulation. As a result, investors can have a financial stake in the issuing company following SEC qualification. As of the time of writing, bears are in control after the July 11th’s breakout below the main support trend line.

Ethereum Price Analysis

Fundamentals

Well, it appears as if blockchain is not immune from politics. The disruptive platform may have a global reach, but recent comments from President Trump, for example, is amplifying public curiosity.

While digital assets are resilient with no point of weakness, jurisdiction-specific laws bind project launching on Ethereum or similar platforms. That is the precise reasons why a candidate vying for a Congress seat in Florida Omar Reyes is seeking approval from the U.S. Election Authority.

His idea is to issue an ERC-20 token, the Omar2020, in a bid to incentive volunteers on his campaign trail. A report by CoinDesk reveals that Omar’s team sent a letter to the Federal Election Commission (FEC).

Meanwhile, the U.S. Securities and Exchange Commission (SEC) is granting You Now’s token,  known as “Props”, a Reg A+ qualification. Talking to TechCrunch, Props chief executive Adi Sideman said:

“Our offering of Props is the first consumer-facing offering of ‘Howey tokens’ to be qualified by the SEC. It makes it the first offering of consumer-oriented utility tokens that the SEC deems compliant, outside of Bitcoin and Ether.”

He adds that:

“We used Regulation A+ (Reg A) for this qualification, so that Props may be earned by, and provide the functionality to, non-accredited investors, users, apps and validators, in compliance with U.S. regulations.”

Candlestick Arrangement

Ethereum ETH

Unlike Bitcoin, which is stable and trading above critical support levels, ETH is vulnerable. While fundamentals are bullish, the fact that prices are now trading below two levels of support is bearish.

That divergence alone means that in the medium-term prices may recover. However, for now, sellers are in the driving seat. Because of yesterday’s draw down confirming June 26 and 27 double bar bear reversal pattern, bears have the upper hand.

As such, every high is technically a selling opportunity with the first target at $230. Note that behind yesterday’s break out is increasing trading volumes cementing the outlook from this trade plan.

Technical Indicators

Anchoring this trade plan is July 12th’s bearish candlestick. It is conspicuous as it breaks below the main support trend line with above-average trading volumes of 220k against 137k. To sustain bears, it will be ideal that further losses be with increasing participation revealing sell-offs in lower time frames.

Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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