Published On: Wed, Sep 6th, 2017

Ether Price Analysis: China's ICO Ban May Lead to Further Pull-backs

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After Labor Day weekend, many ETH-USD traders were surprised to find a 30% market drop over the course of 3 days. After an initial drop to the $330s, the ETH-USD market suffered another blow as China announced it will be banning ICOs and conducting rigorous investigations into several of the newer coins such as NEO and OMG. This announcement from the Chinese government prompted several large Chinese exchanges to begin delisting coins under investigation. After all was said and done, the drop to $280 marked a 38% retracement since ETH-USD bull run from $130 to $400 values:Figure 1: ETH-USD, 4-Hour Candles, GDAX, Macro Bull RunAfter seeing …

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