Two Regulated Ethereum-based Stable Coins and ETH Futures; ETH Market Bearish Anyway

Sometimes all the good news in the world isn’t enough. ETH is in a downtrend despite two regulated Ethereum-based stable coins that could be Tether killers being announced and despite ETH futures on the horizon.

To be fair to the rather bearish market sentiment, Ethereum 2.0 updates aren’t here yet, there is word that ICOs are panic selling, a judge declared ICOs not not securities (the Ethereum platform hosts a lot of ICO token networks), the OKex founder got arrested for fraud, and crypto tends to be based heavily on technical trading and the chart looks ugly from a technical standpoint (despite being oversold to heck and beyond).

So there is some logic behind ETH dropping like a rock, but the price action sure feels like everyone is ignoring the giant bullish elephants in the room and focusing on the negative.

Time will tell if this is a fake out to push for lower prices before stabilization, or if it is just good old fashion economic collapse. The difference being an $18.5 billion market cap, give or take.

Author: Thomas DeMichele

Thomas DeMichele has been working in the cryptocurrency information space since 2015 when was created. He has contributed to MakerDAO, Alpha Bot (the number one crypto bot on Discord),...

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