Nouvive and other Media outlets have stated that ICO’s have been deemed as Securities by the New York circuit court.
Let’s provide you with all the latest news on Ethereum and then ultimately the short.
- Ethereum is the first mover and preferred smart contract platform by developers. There are competitors fast on its heels, but only within the next few months – Ziliqa, EOS, BCH, GoChain and more.
- DAPPS are at an all time low – one of the main usages.
- There isn’t enough adoption within the real world in order to justify a high valued Ethereum.
- CME/CBOE are in the process of applying for a Ether Futures contract – BTC was heavily dumped and shorted by institutions as they were able to short the overall market.
- It has been found according to the chart below that
- “ICOs have spent over $30 million worth of ETH this week. This is more than any week since March 2018. These ICO’s still have over $600,000,000 worth of ETH in their accounts”.
- It seems that ICO’s are currently hedging their bets against the downfall of Ether, unaware that as they are all doing so, so are their competitors, bringing the price of cryptocurrency down.
- ICO’s deemed securities, thereby spurring traditional finance and lawyers to enable their staff to start offering class actions suits against ICO’s.
- Gemini Stable Coin using ERC-20 Token.
Nouvive has compiled both Bearish and Bullish
- Every time ETH breaches past previous support, there is a relief bounce by close to 4%.
- A lot of buys at 168 – this is why this support level was able to maintain strong sell side pressure.
- Low probability breakout despite being in a pattern that can be deduced as bullish.
- The 15 Moving Average has acted as a resistance for the past few days – today will be of no exception – we will see Ether jump to $174, before breaching the previous support levels of $168 where it withheld two attempts.
- There are a lot of sells between $170-$178, therefore, $174 is the best area to short with the 15 MA acting as a resistance.
- RSI Stoch is looking to crossover, thereby playing into a short.
- Negative Market sentiment.
Nouvive recommends a short from $174-175, all the way to $154. The first stop loss at $176, with stops increasing in Profit.