Ethereum (ETH) has been the second major cryptocurrency by market capitalization, based on the decentralized platform that runs smart contracts.

Then Friday’s “Ethereum is not a security” statement from the SEC triggered an uptick based on conjecture that the majority of alt-coins might also not be securities. The positivity was short-lived, however, as most of the top 100 returned to trading in the red over the weekend.

As a result, ETHUSD has formed hammer pattern candle at $493.41 levels (on 4H chart) and at $476.15 levels (on daily terms) that has taken off the bullish rallies above SMAs and EMAs.

While one can make out the healthy bullish momentum is signaled by both leading oscillators (RSI & stochastic curve) on both timeframes. To substantiate this bullish stance, both lagging indicators MACD and SMA (on 4H chart) have shown bullish crossovers that indicate the upswings to prolong further.

While we already stated in our recent post that ETH price was bouncing on the news that William Hinman Director, Division of Corporation Finance at SEC, emphasized during his speech that Ether, the native cryptocurrency of the Ethereum network, and Bitcoin, are not securities as they do not benefit a single organization or a company, he clarified this at the Yahoo Finance All Markets Summit.

Hinman also conversed the initial coin offering (ICO) of Ethereum in 2014, which ran investors to grow into be anxious about the regulatory matter of Ether, and noted that despite the token sale of Ether, its decentralized structure and the current state of the Ethereum network eliminate the possibility of categorizing Ether as a security.

On this SEC’s eye catchy announcement, Chris Concannon, President of CBOE Global Markets Inc., expressed his pleasure by saying: “We are pleased with the SEC’s decision to provide clarity with respect to current Ether transactions. This announcement clears a key stumbling block for Ether futures, the case for which we’ve been considering since we launched the first Bitcoin futures in December 2017.”

CBOE President reckons that when SEC calls ETH not a security, the movement paves the way for ETH futures.

The president where he released the first Bitcoin futures last December mentioned that the SEC’s recent decision has removed a big “stumbling block” from the possibility of offering Ether futures.

But on the contrary, a few dubious eyes have already started speculating that Ethereum futures may possibly impact adversely on ETH prices but it’s wise to assume that ETH futures contracts could herald a prosperity to the cryptocurrency industry.

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