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ETH/USD: decline amid the possible introduction of a tax on cryptocurrencies

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  • ETH/USD: decline amid the possible introduction of a tax on cryptocurrencies

    Current trend

    The ETH/USD pair declined within the correction to the global uptrend, consolidating around 3285.00. Since September 7, the instrument has already lost more than 19%.

    Experts call the possible introduction of a tax on cryptocurrencies in the US one of the possible reasons for the dynamics for the entire sector. Yesterday, Bloomberg, regarding the Budget Committee of the House of Representatives, reported the news. Officials have long been looking for additional revenue items to cover the losses from President Joe Biden's $3.5T financing plan. The Budget Committee has come up with a proposal to tax digital currencies and transactions with them with the same tax as other US financial instruments. Thus, it is planned to attract about $16B a year to the country's budget. So far, it is only a proposal, but it has every chance of becoming a real bill since the democratic majority supports this initiative.

    Support and resistance

    A downward correction forms on the global chart. Technical indicators are in a state of global buying but actively narrow the range of their readings' fluctuations, preparing for a reversal: Alligator indicator's EMA fluctuations sharply reduce, and the AO oscillator's histogram reached the transition level prepares to enter the sell zone.

    Resistance levels: 3467.00, 3972.00.

    Support levels: 3000.00, 2390.00.


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