News was released on the wire that the Winkevoss twins; Gemini company is releasing a Gemini dollar, a regulated Stablecoin tat lets users send and receive US Dollars on the Ethereum Network.
This has since received approval by the New York department of Financial services and is trading under the Ticker GUSD.
This will remain fiercely competitive with Tether.
Unlike Tether, GUSD has announced that they will monthly release audited and unbiased reports as to the amount of Dollars are within their jurisdiction, to ensure Crypto does not witness another Tether-like scandal.
Those who are unaware, Tether stated they would have X amount of Coins, they would not release the actual amount, with the accounts going unaudited. Unfortunately, Cryptocurrency still heavily relies on Tether or TUSD despite both Crypto and Traditional Finance media outlets stating this ‘crime’ or fraudulent behaviour.
Prudent investors for Ethereum will understand that it is “built on the Ethereum network according to the ERC20 Standard for Tokens.”
What Effect has this had on the market?
Bitcoin has had no overall effect as the recent article released by Nouvive on the Daily Observations have stated.
Moreover, Ethereum has had no effect still closing close to 4% on the day, despite this renewed self-confidence in Ether.
Where is Ethereum going?
It appears that Ethereum is declining, following a trendline set the past few days in which is making its way down to $187-189. Such will be the case today where the RSI Stochastic is illustrating a negative bias – a bearish crossover.
Moreover, according to the Volume patterns on the chart, there are a lot of sells, especially in the $196 area in which we saw Ether trending in that region for over 6 Hours yesterday before declining.
This is equally matched to $191, where there are a lot of sells, indicating a high number of shorts in that area as Ether makes it way back down.
It is interesting to note that there are a heavy number of buys in the $185-187 region. Every time Ether has seen this area it has bounced back up to $197
Nouvive recommends a short from current levels or $195-196, with a stop loss at $198, taking profit at $188.
Nouvive also recommends buying from $186-188, with a stop loss at $185, taking profit at $193.
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