Solana, Ethereum, Bitcoin: The ban on Cryptocurrencies seems to have been ruled out

Investing.com – The , the and the collectively recorded gains on Thursday, February 10, 2022. The took 1.62% to $44,130, while ETH/USD gained 2.91% to $3,185 and SOL/USD soared 1.34% to 112.55 dollars.

Bitcoin & Co regulation is coming to Russia

Not so long ago, it was reported that the Russian central bank was considering banning bitcoin. The government of Vladimir Putin did not follow this recommendation, because it seems that greater benefits can be obtained from legalization.

The law, which must be passed by February 18, implies that anonymous transactions will no longer be allowed. Each cryptocurrency holder will have to reveal their identity. Transactions over 600,000 rubles ($8,000) will even have to be reported to the authorities. Those who do not comply with the new rules are committing a serious offence, which will be punished accordingly.

Ethereum could plunge to $1700

Analysis by Bloomberg revealed that Ether’s political fundamentals are preserved, but there is nevertheless a downside risk to $1700. Analysts explain as follows:

“Our chart shows that Ethereum is heading towards the lower part of the range and approaching the support threshold, which is around 30% below the 52-week moving average. Ethereum could thus be threatened by an event similar to last summer when $1700 is tested again.”

Solana is once again encountering resistance

Solana has certainly managed to recover from its recent low in the $81.56 area, but the overall downtrend remains intact.

The 78.6 percent Fibo retracement of $119.72 could not be overcome sustainably yet. As long as this is the case, further losses are to be expected.

Added to this is the fact that the positive momentum is already weakening, as shown by the negative divergence (blue arrows). The price made a new high in the area of ​​the 78.6% fibo retracement, while the RSI formed a lower high.

If the red trendline is crossed on the downside, a retest of the recent low could occur.

By Marco Oehrl, Investing.com Germany

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