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Ethereum Price Hovers above $2,400 as Sellers Threaten to Short

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Jun 11, 2021 at 15:17 // News

The current downturn was a result of the rejection at the high of $2,600

Ethereum (ETH) is struggling below the $2,500 and further decline is possible if the bulls fail to resume upside momentum.

Ethereum Price Long-Term Analysis: Bullish

Ethereum bulls were earlier struggling to sustain above the $2,900 since May 20. The bears have been defending the $2,900 resistance relentlessly. If buyers are successful above $2,900, a rally above $3,100 is expected.

The biggest altcoin will resume up trending. On several occasions, buyers have made futile attempts to break above $2,900 resistance. Each attempt has been repelled as the altcoin declined to $2,200. 

Today, Ether is consolidating below the $2,520 resistance. The current downturn was a result of the rejection at the high of $2,600. If the price falls and breaks below the $2,300 support, the downtrend will extend to $2,100.

Ethereum Indicator Analysis  

The crypto is at level 44 of the Relative Strength Index period 14. The altcoin is in the downtrend zone and below the centerline 50. Ether price is still below the moving averages which makes it prone to decline on the downside. The crypto is above the 25% range of the daily stochastic. Ether is approaching the oversold region.

ETH - COINIDOL.png

Technical indicators:  

Major Resistance Levels – $4,000 and $4,500

Major Support Levels – $2.500 and $2,000

What Is the Next Direction for Ethereum? 

Ethereum is in a downward move. The biggest altcoin is reaching bearish exhaustion. Meanwhile, on June 8 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.272 Fibonacci extension or level $2,315.30 and reverse.  

ETH - COINIDOL 2 chart.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

Source: https://coinidol.com/eth-price-hovers-above/

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Thailand SEC Bans Meme Coins, Fan Tokens, NFTs

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Local exchanges in Thailand had been given a deadline until July 11 to submit their new rules for listing tokens that complies with the new guidelines from the Thailand Securities and Exchange Commission (SEC).

“The Securities and Exchange Commission (SEC) Board has approved the new rules that prohibit digital asset exchanges from providing services in relation to utility tokens and certain types of cryptocurrencies. The rules also specify that the exchanges set a requirement to be imposed in the event that digital tokens issued by their own exchange or related persons are listed on the exchange. In this regard, the token issuer who fails to comply with the white paper and relevant rules in substance could risk having such tokens delisted from the exchange. This new regulatory guideline aims to enhance protection of digital asset traders’ interest.”

The Thai SEC also added that listing rules prohibits local exchanges from providing services that have these following characteristics:

(1) Meme Token – having or no clear objective or substance or underlying, and whose price runs on social media trends.

(2) Fan token: tokenized by the fame of influencers.

(3) Non-Fungible Token (NFT): a digital creation to declare ownership or grant of right in an object or specific right. It is unique and not interchangeable with digital tokens of the same category and type at the equal amount.

(4) Digital tokens which are utilized in blockchain transactions and issued by digital asset exchanges or related persons.

Along with this move is their previous announcement of regulating Decentralize Finance (DeFi) projects in the country, including the issuance of digital tokens.

In the previous announcement, liquidity provider tokens, governance tokens, or tokens issued to those transacting in DeFi projects “must be licensed and must abide by the specified rules”.

The new regulation stipulates crypto exchanges, digital-asset brokerages, digital asset-dealers, private fund managers and investment advisors must be licensed by the Ministry of Finance.

Thai SEC states that, “For traders, it is best to study the DeFi project before getting involved in both technical and security aspects.” They also added that traders “should check whether the service provider is a digital-asset business that is licensed and regulated by the SEC or other regulatory agencies under law.”

This article is published on BitPinas: Thailand SEC Bans Meme Coins, Fan Tokens, NFTs

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Source: https://bitpinas.com/regulation/thailand-sec-ban-meme-tokens/

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After Bitcoin U-Turn, Nigeria Plans To Launch Central Bank Currency This Year

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According to Reuters, the Central Bank of Nigeria (CBN) plans to launch a digital currency pilot as soon as the end of this year.

Last month, the CBN Governor, Godwin Emefiele, made a U-turn on Bitcoin and other cryptocurrencies by saying he will “allow” them. Previously, the CBN had sought to restrict the cryptocurrency sector by imposing regulatory sanctions on monetary businesses that serviced cryptocurrency exchanges.

In a turn of fortunes, it now looks as though Nigerian officials are embracing blockchain technology. All the same, in what may well turn into a showdown between private and public cryptocurrencies in the future, arguments against central bank offerings remain as pertinent as ever.

The Nigerian Central Bank Digital Currency Has Been Years In The Making

Despite Nigeria’s purported aversion to fintech, it’s emerged that the central bank has been working on a digital currency for the past two years.

The CBN Director of Information Technology, Rakiya Mohammed, echoed what many other countries have mentioned in the past. That is, Nigeria will not be left behind in the technological revolution.

“We’re all aware that about 80% of central banks in the world exploring the possibility of issuing central bank digital currency, and Nigeria cannot be left behind.”

One of the reasons given for the CBN’s previous anti-Bitcoin position was a need to protect its citizens. In 2018, the CBN said that there is no legal redress if things go wrong in an unregulated market. There was also the usual spiel of links to illicit activity such as money laundering and terrorist financing.

Mohammed sells the idea of a central bank digital currency on it bringing financial inclusion and having the backing of the Nigerian government.

“If you have a central bank digital currency that is backed by the government, then people can make transactions online without fear of any default.”

Is This The End For Privacy?

As previously mentioned by billionaire investor Ray Dalio, governments will do all they can to maintain monopoly control of their money, even if that means outlawing the competition.

“every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control.”

Anthony Pompliano rubbished this idea saying governments cannot ban Bitcoin. But he concedes that a scenario of coordinated global action could make life difficult for Bitcoin users.

And as cryptocurrencies continue to make their mark in the world of finance, regulators and policymakers may soon be forced to show their hand on the matter.

Unlike private cryptocurrencies, which operate on decentralized networks, central bank digital currencies would be issued and controlled by a central bank. This enables them, and by extension national governments, to track every transaction in their economies.

Liberal commentators view this situation as a significant blow to privacy. What’s more, as noted with several U.K banks refusing crypto transactions recently, central digital currencies have the potential to bring about a dystopian future in which transactions deemed “against the state” also get refused.

Source: https://bitcoinist.com/after-bitcoin-u-turn-nigeria-plans-to-launch-central-bank-currency-this-year/?utm_source=rss&utm_medium=rss&utm_campaign=after-bitcoin-u-turn-nigeria-plans-to-launch-central-bank-currency-this-year

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Why this is a ‘tremendously positive’ thing to have happened to Bitcoin

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China may no longer be the hub of Bitcoin’s mining activity it once was, as several bitcoin mining farms in the country were shut down by its government, in the last few months. As of yesterday, 26 mining farms in the Sichuan province lost power following orders from the local government to terminate their power supply

Most Bitcoin mining farms relied mainly on the three Chinese provinces of Sichuan, Xinjiang, and Inner Mongolia, for powering their mining activities. Sichuan is known for its abundant supply of cost-effective hydroelectric power generated by vast dams.

With the Chinese government’s inhibitory stance on mining farms, the Bitcoin community is afraid of its adverse impact on Bitcoin’s prices and hash rate. Following the most recent shutting down of the Sichuan mining farms, the hash rate had dropped by nearly 17 percent, even though it later recovered.

This may not be a cause for worry, however, according to analyst and partner at Castle Island Ventures, Nic Carter. In April, when the mines in the Xinjian province were shut down, Carter had discussed his thoughts on this on a Twitter thread. He had emphasized that this was not a big concern.

In a more recent discussion on this topic on a YouTube video, Carter spoke about the ban on the Sichuan mining farms and provided a larger perspective on China’s policy and its impact on Bitcoin. Further, he debunked the idea regarding the ‘linear relationship’ between hash power and security. According to him, Bitcoin’s security was intact and would remain so, even if the hash rate were to drop by 50 percent, especially if the drop is a temporary one.

Another noteworthy development was that due to China’s actions several mining operations were beginning to move to other regions of the world.

In his video, Carter too discussed this phenomenon and added that this may just be what Bitcoin needs. He said,

“…it’s tremendously positive, both from the ecological narrative perspective and then from the perspective of eliminating this outside risk factor of a state-level attack on bitcoin … so it’s a tremendous turning point, and in my view a huge opportunity, both for individual miners and for the bitcoin community to reset these narratives which have been used against bitcoin.”


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Source: https://ambcrypto.com/why-this-is-a-tremendously-positive-thing-to-have-happened-to-bitcoin

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