- ETH/USD is moving to and fro around $700 handle.
- SEC launches fake ICO website for educational purposes.
Ethereum is trading above $700, but the upside momentum is non-existent. The coin recovered from Wednesday’s low of $676 but failed to gain traction. Currently, the coin No. 2 is sitting in a tight range limited by $700 and $735.
Meanwhile, the cryptocurrecny community is discussing the latest SEC attempt to demonstrate the risky nature of ICO investments. To drive the message home, the regulator launched a parody of ICO website – Honeycoins. It looks pretty much the same as most of other coin offering projects out there. The site contains all typical info and exploits all marketing tricks, such as promises of unrealistic returns, calls to jump the bandwagon right now and even fake promotions from celebrities. Those who press “buy coins” button are redirected to another SEC website with investor education tools and tips.
Ethereum technical picture
On the intraday level, ETH/USD is moving within a triangle pattern, limited by $725 and $690. If the coin manages to break above $725 and $735 resistance levels, the upside may be extended towards $750. Below $690, the support is seen at $638 (May 12 low), followed by $600 handle.