Ether Jumps on SEC Statement

Ether prices jumped after a SEC official made a statement that the crypto is not a security. Dash is trading barely changed compared to one week ago.

Ether Jumps on SEC Statement

At the Yahoo Finance’s All Market Summit: Crypto in San Francisco, the U.S. SEC Director of Corporate Finance William Hinman said that the commission would not be classifying ether or bitcoin as securities. Tokens that ‘run’ on the ether blockchain may be classified as securities. Over the past few months there were worries that regulation could spill over from the token market to ETH itself. More of this clarified SEC position here.

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On the back of this news ether prices rallied over 6 percent in the span of one hour. We are currently quoted at 0.07772 BTC per coin, slightly below the daily highs. However despite today’s gains the altcoin is still range-bound on the daily charts. For a new rally we need a move above the 0.08061 BTC swing high. Resistance above can be found at the 0.08542 and 0.08829 swing highs, followed by the 0.09 and 0.1 BTC round figures.

A decisive breakout above here may open to door to this year’s high at 0.121 BTC. On the weekly charts ETH/BTC is also range-bound. The monthly charts are still keeping the bullish bias. A break below the 0.06994 swing low would start a new downtrend.

Dash Little Changed

Dash is trading little changed compared to one week ago. We are trading at 0.04039 BTC at the moment, compared to 0.04078 BTC back then. Few days ago new yearly lows were hit at 0.03803 BTC but prices bounced back quickly from here.

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Dash is still in a downtrend on the daily charts. We need a breakout above the 0.04325 BTC swing high to end it. A move beyond 0.04577 BTC could start an uptrend in DSH/BTC. On the longer-term charts Dash is now bearish on the weekly charts. On the monthlies the trend remains bullish.

Petar Kotevski

Petar is a forex trader and writer with 9 years of experience in financial markets. He has been following bitcoin since 2010. A year ago, as the BTC market matured, he started getting more involved by writing articles on bitcoin and other alternative currencies.

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