Kazakhstan Finalizes Legalization of Cryptocurrency Transactions
- Legalization of Cryptocurrency: Kazakhstan has finalized the legalization of cryptocurrency transactions with updated legislation that came into effect earlier this month, although the tenge remains the only legal tender for direct purchases, reflecting a cautious approach towards the crypto market.
- Market Regulation Framework: The new law provides a detailed classification of digital assets into secured and unsecured types, with the latter including cryptocurrencies like Bitcoin and Ethereum, and aims to bring gray market activities under the supervision of the National Bank of Kazakhstan, enhancing regulatory oversight.
- Payment Method Restrictions: While cryptocurrency payments have been legally recognized, actual usage requires instant conversion to tenge, indicating that cryptocurrencies are not yet a means of direct payment, which limits their application in everyday transactions.
- Digital Asset Service Providers: The updated regulations introduce the concept of “digital asset service providers,” mandating all market participants to obtain licenses and be regulated, thereby promoting transparency and compliance in the crypto market, aiding Kazakhstan's transformation into a crypto hub.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 4 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1951.477 | 2057.014 | 2171.457 | 2276.994 | 2391.437 | 2496.974 | 2611.417 |
| Fibonacci | 2057.014 | 2141.046 | 2192.961 | 2276.994 | 2361.026 | 2412.941 | 2496.974 |
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