ETHUSD Elliot Wave Analysis: Former CFTC Calls For More Oversight


Early this month, the price of Ethereum reached $349. This was the lowest level since November. The decline was attributed to several factors, including the end of the US tax season. Meanwhile, how have the comments ex CFTC chair, Gary Gensler impacted the price of Ethereum? Gain insight here with this 26 April ETHUSD Elliot Wave Analysis.

26 April, OctaFX – This week, however, Ethereum has moved to a multi-weekly high of $705. It is now trading at $625 following comments made by the former Commodities Futures Trading Commission (CFTC) chair, Gary Gensler.

Ethereum Falls As Former CFTC Calls For More Oversight

In an interview with the New York Times, he talked about cryptocurrencies and their potential risks. He discussed ripple and Ethereum, arguing that they have been traded as noncompliant securities. He also argued that bitcoin could function better without government regulations.

Gary served as the CFTC chair during the Obama administration. He was also the head of policy for the Hillary Clinton campaign and is currently a senior fellow at the Massachusetts Institute of Technology (MIT).

26 April ETHUSD Elliot Wave Analysis

Using the hourly chart shown below, the ETH/USD pair has gone through the first, second, third, and fourth phases of the Elliot Wave. It is now in the fifth phase which means that a corrective wave might come. If it does, traders should watch out for the $530 support level.

Chart ETHUSD, H1, 2018.04.26 05:29 UTC, OctaFX UK Limited, MetaTrader 4, Demo

Disclaimer

This article about 26 April ETHUSD Elliot Wave Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.

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