Your Daily Crypto News on Steemit September 17, 2017

• Profiboxer Floyd Mayweather again promotes ICO!
• New Zealand: Professor calls for Guidelines for Bitcoin!
• Lawyers in Nebraska accepting Crypto Currencies as payment!
• ETH Course Analysis for Week 37/2017!

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Despite the current debate on Initial Coin Offerings (ICOs) worldwide and particularly in China, companies and advertising media continue to work for ICOs.

Boxing Champ Floyd Mayweather, who made a post again on a social media platform where he advertised for an ICO.

Under a picture of himself he wrote:

This is already the third time that the professional boxer is promoting an ICO on one of his social media platforms. This time he represents the Startup Centra, which wants to conquer the market with a crypto credit card. In a few days, the ICO will begin.

In an earlier tweet, Mayweather promoted CryptoMedia. This would like to promote crypto currencies better by advertising with celebrities.

Mayweather is by no means the only famous personality that can be associated with ICOs in the recent past. Paris Hilton also twittered an ICO a few weeks ago. However, it was important to point out that her tweet was not advertising ("#NotAnAd").

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Alex Sims, professor at the Department of Trade and Economic Law at Auckland University, has asked the New Zealand government to develop legal guidelines for Bitcoin. According to her, New Zealand is clearly lagging behind other countries such as Australia in this sector, as there is already a legal framework for the Bitcoin industry.

Alex Sims states that New Zealand falls short of creating a legal framework

The head of the Department of Trade and Economic Law and associate professor at Auckland University Alex Sims has called on the government of the country to legitimize Bitcoin and other crypto currencies by creating a legal framework. This is the only way to lay the foundations for the integration of blockchain in other economic areas. "The technological advances are unique; this is exceptional, as this idea was created less than 10 years ago, "Sims told Interest.co.nz.

Sims also said that New Zealand falls behind other countries. In the neighboring country of Australia, a law was passed which allows the use of the crypto currency. In New Zealand, on the other hand: "Can the crypto currency be used - there is no law that prohibits this - but in practice entrepreneurs can not accept Bitcoins. If they do, their bank accounts are blocked ... We are falling back, but we can still catch up. We can emulate Australia. And some government departments in New Zealand look very closely at what Australia is doing. "

The Australian Minister of Justice announced that the laws against money laundering and the financing of terrorism should be revised. This is intended to give the Ministry of Justice the power to control Bitcoin exchanges more closely. Bitcoin remains, however, a legally recognized payment method.

Sims advises New Zealand's financial sector to include blockchain technology

Sims also said:

Sims said that the banking institutions perceived Bitcoin and other crypto currencies as a threat. But she advised them to work with the blockchain instead of against the blockchain.

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In the US state of Nebraska lawyers are now allowed to accept crypto currencies as payment. This is the result of an opinion paper by the Lawyers' Advisory Committee, an ethics commission established by the highest court in the state.

The committee, which is composed of eight lawyers from the state of Nebraska, devoted itself primarily to answering three questions:

• Can a lawyer accept digital currencies like Bitcoin as payment for his services?
• Can a lawyer accept digital currencies as payment from third parties in favor of a client?
• Is a lawyer able to hold digital currencies in funds or manage them for clients?

The acceptance of crypto currencies is fundamentally permitted, but with the restriction to exchange these immediately in US dollars. The reason for this is that a client should not be over-billed. Because crypto currencies are very volatile, taking longer hold the risk that clients unconsciously pay too much for the services provided.

Payments by third parties may also be accepted as long as the payment is not intended to influence the independent relationship of the lawyer to the client. In addition, the attorney must specify the identity of the third party.

According to the Lawyers' Advisory Committee, the trustee's administration of crypto currencies is also allowed, since crypto currencies "are more of property rather than of real currencies". However, the foreign property must be kept separate from the proprietors' property of the attorney. In addition, the opinion paper recommends the use of multi signature Wallets to keep the equipment safer.

In summary, it can be stated that all three questions were answered more or less with yes, with the restrictions being made on the basis of applicable state law.

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The Ethereum price fell to a low of 168.15 EUR (200.85 USD) this week, then rose again to 207.00 EUR (247.26 USD).

Image based on data from Kraken.com

Summary

• The Ethereum course has fallen during the week.
• A downtrend started on 12 September led to a minimum of 168.15 EUR ( 200.85 USD), a value Ethereum had not had since the end of July.
• The first interesting short term support for the current triangle pattern is 228.43 EUR (272.85 USD), the first important short-term support is 206.51 EUR (246.67 USD) and is currently being tested.

The developments in China as well as the further global considerations concerning the regulation of ICOs led Ethereum to a continuation of the downtrend. At the same time, a support Ethereum has been missing for over a month has been tested, but the course has been able to bounce off this support. Through the rebound, the course was able to rise above the downtrend of the week and has since moved sideways in a downward showing triangle pattern.

The MACD (second panel) is slightly negative according to the sideways movement and the MACD line (blue) is below the signal (orange). Currently, the signal tests the zero line, so it can be assumed that it also slips into the negative range.

The RSI (third panel) is at 38 and is therefore bearish.

The analysis of the movements in the 60min chart speaks a bearish language. A first important support is described and tested by the current triangle pattern. It is priced at 206.51 EUR (246.67 USD). Should this be breached, breaching the support described by the weekly minimum would result in a resumption of the downtrend at EUR 168.15 (200.85 USD ). According to the resistance of the Triangle Pattern, which currently stands at 209.25 EUR, an excess of 228.43 EUR (272.85 USD) would mean an end to the current sideways movement. An overcoming of the week's maximum at 266.79 EUR (318.67 USD ) would be a sign of a sustained upward trend.

The long term course development

Let us consider the 240min chart as the first to assess medium and long-term developments:

Image based on data from Kraken.com

The events of the last two weeks have led to a trend reversal: in the medium term, we are in a downtrend, which could not be broken even by the slightly positive approaches we saw in the 60min chart. The course has for some time fallen below the exponential moving average values over one or two weeks and has so far only tested them sporadically.

The MACD is negative according to these trends, but thanks to the already mentioned rebound at the support at 168.15 EUR (200.85 USD), the MACD line is above the signal if both lines are approaching each other. The RSI is bearish with 43. In the medium term, the situation is bearish. The supporters correspond to those in the 60min chart. The most important resistance is about 245.58 EUR (293.33 USD), an increase above this value would put an end to the current downtrend.

Let's take a look at the 1D chart:

Image based on data from Kraken.com

We see that with the already mentioned week minimum, not only the 50% fib retraction level, but also the upward trend since May, has been tested. The price increase achieved by bouncing on this support led to a test of the 38.2% fib retraction level. Unfortunately, this support could not be overcome, so there is currently concern for a second test of the uptrend. The MACD is correspondingly negative - both MACD line and signal are below zero. The RSI has risen slightly after a brief fall to 30, but still remains bearish at 36.

Overall, the long-term forecast is bearish. The most important support is described by the 38.2% Fib retraction level and stands at 228.41 EUR (272.85 USD). The most important resistance at the level of the 50% Fib retraction level is 193.07 EUR (230.62USD).

Disclaimer: The course analysis is from the morning and can have changed since. The price estimates presented in this post are not a recommendation to buy or sell. They are merely an estimate of me.

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I wish you all a lovely Sunday and a great start in the new Week!!!
Best regards