The cryptocurrency community should be working together for the advancement of the digital space instead of engaging in in-fighting.
![Ethereum [eth] got chances for going up](https://ethereumworldnews.com/wp-content/uploads/2018/05/Ethereum.jpg "‘us vs. Them' mentality hindering growth of crypto ecosystem")
Ether has been rising for the second day in a row, but still unable to fully recover after the early week’s failure. Ethereum is trading at $762.11 Thursday afternoon, which is +1.4%, says Dmitriy Gurkovskiy, Chief Analyst at .
Previously, Ether managed to go above the support at $705, and then rose by over $55. The crypto also succeeded in breaking out the bear trendline at $735, which allowed the price to keep going up. Afterwards, Ether went above the 100-hour SMA and reached $758, near which it is trading now.
The bulls are being active while Ether is above $758, and as long as it continues there on the next trading day, the digital coin is going to move further to reach the intermediate resistance at $770, which will allow it to head towards the May high at $838.
$745 and $725 are current key support levels for Ether, while the key resistance is at $770. The MACD is still positive on D1, moving along the trendline, thus giving a moderate buy signal. Meanwhile, the Stochastic is in the positive area but is losing momentum and starts forming a sell signal.
Fundamentally, talks about crypto market regulation are on focus, including those about regulating Ethereum. The US Securities and Exchange Commission (SEC) are meeting soon in order to discuss whether Ether is a security (or an asset). The regulation process will then be determined according to the SEC decision. Other altcoins are also in the cross-hairs, and not only in those of SEC, but also the CFTC (Commodity Futures Trading Commission).
Previously, it had been mentioned that Ether and other cryptos and ICO’s had some features similar to classic assets and securities. This may drive SEC to a decision on regulating Ether by determining it as a security. This will allow the Commission to regulate the cryptocurrency exchange and, subsequently, to influence the cryptocurrency market as such.
The opinions in the market differ. Some analysts and traders are sure SEC will be unable to reason its right for cryptocurrency regulation. Others say SEC is going to kill the crypto market. Currently, however, this may only influence Ether in the short term, as there are many other regulators in the world, and the US will have to deal with them, too, after (if so) they have dealt with the market resistance. The whole fuss around it may last for a few years.
Disclaimer
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
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