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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

SEC Can’t Stop Ethereum (ETH) Sell-off, Asset Bearish Below $170

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

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  • Ethereum (ETH) prices steady but yet to clear $170
  • SEC new guidelines is massive for Ethereum (ETH) but sellers are back

In an effort to improve and provide clarity on the legitimacy of cryptocurrencies, the SEC has released a new set of guidelines. One topic that has always dominated the discussion when it comes to the SEC and cryptocurrencies is ICOs. From the new guidelines the SEC seems to be accepting ICOs which it has previously seemed to be against. Price wise and Ethereum (ETH) bulls are in the forefront but there‘s strong liquidation at $170.

Ethereum Price Analysis

Fundamentals

No doubt, Ethereum (ETH) has been enjoying immense gains following this week’s price explosion. Although much of this is because of its positive correlation with Bitcoin, recent regulatory development is nonetheless supportive.  Before the release of  SEC new guidelines, the SEC chairman had clarified that Ethereum was not a security. As a result, it meant that the project would not fall under the scrutiny of the agency.

Two senior #SEC staffers publish new guidelines for #cryptos, classify them as investment contracts, moves regulation ten more yards down the field. The crypto world is waiting anxiously for SEC’s decision concerning #BTC ETFs.

— Weiss Crypto (@WeissCrypto) April 4, 2019

Stating in a letter to Coin Center, the chairman said:

“A digital asset may be offered and sold initially as a security because it meets the definition of an investment contract, but that designation may change over time if the digital asset later is offered and sold in such a way that it will no longer meet that definition,”

Candlestick Arrangement

Ethereum

With the deep liquidity in Bitcoin (BTC), traders are yet to feel the shocks, but hints are there that prices will correct lower. Like the lift-off, BTC sliding will harm Ethereum (ETH) prices now that the coin is already over-valued and participants actively searching for fair value.

Even so, we are net bullish and expecting ETH prices to edge higher now that new SEC digital asset investment guidelines are differentiating between utilities and securities. Nevertheless, every dip should be another loading opportunity.

Although there hasn’t been a firm close above $170 nullifying the bear breakout pattern of Q4 2018, we shall maintain our bullish outlook expecting a wide-ranging and sustained break above $170 triggering risk-averse traders into action. It is after that when traders can begin aiming at $250 or higher. Before then, risk-off traders should be looking for undervaluation in smaller time frames as they trade in line with Apr-2 bull bar.

Technical Indicators

Volumes are thin, and prices are yet to reverse Feb 24 losses From this, prices might slide as participation drop, but any bar that will drive prices above $170 with high volumes exceeding Apr 3—850k would confirm buyers of Mar 25-27 and those of Apr 2.

Chart courtesy of Trading View

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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