Bitcoin and Ethereum: A hopeful forecast?
- This morning, the price of bitcoin managed to rise above $22,000 again after about 20 days.
- The price of Ethereum managed to climb up to the $1275 level this morning.
- European legislation is moving in all directions to regulate everything that can be related to all cryptocurrencies.
Bitcoin chart analysis
This morning, the price of bitcoin managed to rise above $22,000 again after about 20 days. We did not stay above for long because a pullback to $21300 followed, where we find today’s new support. The price of Bitcoin could further pull back to $21000. If fear reappears among traders, the price could fall to the psychological level of $20,000. For a bullish option, we need a positive consolidation and a return to $22000. A price break above would reinforce bullish optimism in a potential recovery. The following targets are $22500 and $23000 levels.
Ethereum chart analysis
The price of Ethereum managed to climb up to the $1275 level this morning. After that, the price made a pullback to the $1200 level, and now here we are looking for support for the further continuation of the bullish trend. We have additional support at that level in the MA50 moving average. For a bullish option, we now need a new positive consolidation and a return to this morning’s high at $1275. If the price manages to stay at that level, we could attack the $1300 level. We need a negative consolidation and a drop below the $1200 support zone for a bearish option. After that, the bearish pressure increases again, and then we lean towards the $1100 support zone. The July support zone awaits us at the $1000 level.
European legislation is moving in all directions to regulate everything that can be related to all cryptocurrencies.
The aspects that seem closest to the heart of the Union’s legislative bodies are those related to market transparency, the protection of depositors and investors, and the fight against the use of cryptographic means to launder the proceeds of illegal activities or to finance illegal trade and terrorism. A package of measures was implemented in the form of European regulations to achieve this goal.
The most well-known is probably the MiCA (Market in Crypto-Assets) Regulation. MiCA has not yet been adopted and is therefore not yet in force. Still, it has reached a significant milestone in the past few days. An agreement was reached on the regulation’s final content involving the Parliament, the Council, and the European Commission.
Another key regulation that is now in the domestic phase is what is known as the TFR or the Funding Transfer Regulation: a regulation through which anti-money laundering measures are to be implemented in the context of fund transfer transactions and which also aims to regulate funds.