- Ethereum price firming, after being down as much as 27% on Tuesday
- Price produced a double bottom around $560
- SEC hearing concerns have eased
Ethereum price continues a strong recovery in late trading on Tuesday, after initial hard selling pressure, being down by almost 27% at one point in the day. The heavy selling was nervous anticipation heading into the SEC hearing to the Senate Banking Committee on Tuesday. Summary of hearing https://www.fxstreet.com/news/sec-and-cftc-summary-with-senate-banking-committee-201802061830
In summary, the SEC expressed their concerns particularly at much of the ICOs in circulation, warning of all the scams doing the rounds and this needing to be stopped. They expressed how they want to crack down, on those who are abusing participants enthusiasm within the crypto market. No mention or intention to surpress the whole crypto market, as some had feared.
Looking at ETH/USD technically, the price hit a double bottom at $560, where the market has continued to recovery. In terms of next upside resistance, it may be seen around $765, 61.8% and then $853 50% Fibonacci.
ETH/USD daily chart