Ethereum price analysis: ETH/USD  dips back to $460 moving in lockstep with Bitcoin

• ETH eyes 50% Fibo at $460.  
• SEC Commissioner dissented from the decision to disallow Bitcoin ETH.

ETH/USD is trading at $463 at the time of writing.  The second largest coin with a market value  registered at $46.9B has an average daily trading volume settled at $1.6B. The price is 2.15% higher on a daily basis and mostly unchanged since the beginning of Friday.

Ethereum is moving in lockstep with Bitcoin and other major cryptocurrencies, that are falling down after the SEC’s decision to reject  Winklevoss’s application for Bitcoin-based ETF. The market has found the reason for a downside correction after a strong rally, and even the news that one of the SEC’s commissionairs supported the ETF idea.

SEC Commissioner Hester Peirce  wrtote:

“I respectfully dissent from the Commission’s order disapproving a proposed rule change, as amended, to list and trade shares of the Winklevoss Bitcoin Trust on Bats BZX Exchange, Inc. (“BZX”).”

Ethereum’s technical picture

Looking technically, ETH/USD is supported by  $460 (Fibo retracement level). Once below, the sell-off may be extended towards  $440 (Friday’s low ) and $421 (the lowest level of July 12). On the upside, the short-term resistance is produced by $470 handle, surrounded by 50 and 100-SMAs. If it is cleared, the upside may be extended towards  psychological $500 handle.

ETH/USD, 1-hour chart