ICO’s have been indirectly declared as securities by a New York Federal Judge. This was covered in a district court, meaning this isn’t the federal view point. Nonetheless, it is the first step in stating that U.S Securities law cover ICO Token sales.
This can be seen on a Global sphere as to lead further class action suits against ICOs, with more individuals bringing suits. Which brings negative publicity towards Ethereum.
Not to mention that CME/CBOE seeks to have an Ethereum Futures, which will see further decline later on.
The founder of Ether, Vitalik has send Ethereum into a spiral both Market sentiment and value as it was revealed it sold the vast majority of his Ethereum at $14, claiming on Twitter that he doesn’t see a bull run like 2017 – upsetting the vast majority of the Crypto community.
All of these factors have led to Ethereum passing the stated support levels below.
It must be stated that Ethereum is one of the only coins out there that has the ability to house coins before they go on their mainnet – competitors such as ZIL, BCH and EOS don’t have the appropriate technology.
GOChain that was recently launched on Binance has stated that they can do so, however it is unknown and relatively untested.
How will this have an effect on Ethereum?
Ethereum to date has passed the following supports:
This will mean that $140-145-152 is next. The market heavily agrees with this statement, especially as there are buys all the way from $152 to $0.
Nouvive recommends for the prudent investor to layer buys from $140 to 152 in 25% increments to catch the bounce from the stated levels back to higher $300's.