Ethereum analysis for 10/09/2018

In April this year, the Central Bank of Russia launched a regulatory cell that controls all entities that develop or use innovative services whose implementation requires appropriate regulatory changes. In a document published in February this year, the Central Bank announced that it plans to transform the Russian cryptocurrency into financial services by developing new infrastructure, including a platform based on blockchain technology (DLT). The special representative of Vladimir Putin, Dmitry Peskov, in the last interview pointed to the tightening of the Russian position for the cryptocurrency market.

Vladimir Putin's representative for digital and technological development (RIA) notes that Russia does not yet have a right covering cryptographic assets, virtual coins, and ICO. According to the report, the RIA does not support the legalization of cryptocurrencies in Russia at this time. He notes that there is a big risk that his country may once again fall victim to a financial pyramid such as MLM: "The Central Bank of Russia has adopted a fairly liberal position in the field of cryptocurrency regulation. But the level of risk is so high that the position may soon be much stricter" - noted Dmitry Peskov.

According to Mr. Peskov, the most sensible approach would be to create regulatory institutions that would conduct research and analysis of cryptocurrencies. Despite the increasingly harsh position of the Bank of Russia in relation to the crypto market, the regulator is still open to blockchain technology.

Let's now take a look at the Ethereum technical picture at the H4 time frame. After the downside breakout from the triangle formation, the market has made a low at the level of $181.47. The bulls tried to rally, but were too weak and did not even violated the nearest technical resistance at the level of $206.54, so the price has moved back again and now is trading close to the recent lows. Please notice, there are some signs of a possible bullish divergence forming on this time frame.


The material has been provided by InstaForex Company -