- Dubai: Soon the first National Crypto Currency?
- SEC charges two Scam ICOs!
- Republic of Transnistria: Bitcoin Mining Farms by financial support from Russian Investors!
- ETH Course Analysis for Week 39/2017!
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According to [media reports](http://www.arabianbusiness.com/industries/banking-finance/379617-dubai-signs-deal-to-establish-digital-currency-emcash), the government plans to publish its own state crypto currency under the name of emCash.
Ali Ibrahim, Deputy Director of Dubai Economy, says that the token can be purchased as normal. So it does not matter whether you pay the coffee or the school fees with emCash. Via NFC technology transactions can be handled easily with the smartphone.
A further advantage is seen in the fact that the payments are processed in real time and traders do not have to intervene in financial services providers in order to accept customer payments. Correspondingly, traders will save a lot of money because no transaction fees are incurred as with card payments. In addition, counterfeit money is countered by emCash.
Support comes from the British company Object Tech Group Ltd, which provides the technology, including the Wallet emPay. The extent to which the state crypto currency will be used by people in the near future has yet to be waited. What is certain, however, is that the state or the authorities through emCash get a better overview, who, when something has spent.
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The US Securities and Exchange Commission (SEC) reported that two companies have been fined which used an ICO to collect money. This is said to have been fraud.
The SEC issued a [press release](https://www.sec.gov/news/press-release/2017-185-0) on Friday to accuse a business man and two companies of fraudulent activities. The business man is Maksim Zaslavskiy, the companies are the Diamond Reserve Club World founded by him and the Recoin Group Foundation. Zasalavskiy had sold unregistered digital token through his companies, allegedly covered by investment in real estate and diamonds. In reality, however, such investments did not exist. Instead, only money should be collected by token sales, without actions taken by the companies. Zaslavskiy and REcoin allegedly misrepresented they had raised between $2 million and $4 million from investors when the actual amount is approximately $300,000.
Thus REcoin was praised as "the first crypto currency covered by real estate", which had "a team of lawyers, brokers and accountants". These would directly invest the investment made by the ICO of REcoin directly in real estate. In reality, however, this was never done, as the SEC said. The said people were never even asked, or had been hired in the company.
The exact same fraudulent business model was subsequently applied to Diamond Reserve Club. There it was said, the revenues at the ICO are reinvested in diamonds. In fact, the company did not make a single transaction.
The SEC has therefore convened an emergency court and frozen the funds of Zasalavskiy and its companies. The businessman is accused of violating the "anti-fraud and registration provisions of the federal securities laws". The investigations are running. In addition, the SEC renewed its [WARNING](https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_coinofferings) of possible scams in the course of the current ICO wave.
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The self-proclaimed [Republic of Transnistria](https://en.wikipedia.org/wiki/Transnistria), according to the news site Lenta, is to receive investments from Russian companies to build Bitcoin mining farms. As a result, the Republic hopes to participate in the industrial mining market and to make significant gains.
The supply of the favorable electricity is to attract investors
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Russian news agency Lenta has published a [report](https://lenta.ru/articles/2017/09/27/bitcoin/) that shows that the small regime between Moldova and Ukraine wants to attract investors to found bitcoin mining farms.
The Lenta report states:
The report, Igor Chaikar, investor and youngest son of the Russian General Prosecutor, is also quoted. "In Transnistria, there are signs of cooperation in the field of information technology," he said. The government has also made legislative changes which would allow the production of crypto currencies.
Due to low electricity costs, the government hopes to attract the interest of investors. The Lenta report states that "the current price of one kilowatt hour in Moscow is 2.5 times higher than in Transnistria. The reason for the low energy costs of the region is the low population (555,337 inhabitants) and the maintenance of two hydroelectric stations. Chaika also said that the region (according to the government of Transnistria) would be in fourth place in terms of speeding up the Internet and by providing a favorable electricity which would have two key elements for the establishment of farms for the mining of crypto currencies.
Transnistria's central bank is investigating the use of crypto currency technology
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As early as [2016](http://forklog.net/moldovas-breakaway-region-of-transnistria-considers-creating-its-own-cryptocurrency/), Transnistria's Central Bank had explored the application of crypto currency technology and also considered the creation of its own crypto currency. Such currencies would be centrally regulated and have long been the focus of the government. The Deputy Bank Director said at the time: "Crypto currencies are very suitable as a means of payment and since transactions are immediate and almost no costs, the Bank of the Republic of Transnistria examines the possibilities of a crypt currency." He adds, "It is very likely that Transnistria is a payment system just before a crypto currency. "
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The Ethereum price has risen to EUR 263.63 (USD 311.42) this week, but entered a Triangle Pattern and is currently EUR 251.75 (USD 297.38).
Image based on data from [Kraken.com](https://www.kraken.com/)
Summary
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- The Ethereum course has risen during the week.
- In the night from 27 September to 28 September, the course entered a triangle pattern whose support is currently being tested.
- The short-term support is EUR 241.98 (USD 285.84), the short-term resistance is EUR 257.55 (USD 304.24).
The positive trend last week was continued so that the resistance indicated had been overcome and the price could rise to heights that it had not reached since the beginning of September. Nevertheless, the week was not marked by a completely unchallenged upward trend. Currently the course moves in a symmetrical triangle pattern and oscillates accordingly by the moving mean values over one or two days. The support of the Triangle Pattern is currently being tested, but even if it should break, the price would continue to follow the upward trend described by the minima on September 24 and September 29, to endanger it, a greater price loss is necessary.
The MACD (second panel) is currently negative - to match the test of the support of the triangle pattern. Likewise, the MACD line (blue) is below the signal (orange).
The RSI (third panel) is at bearishen 43.
The analysis of the movements in the 60min chart speaks a bearish language. The most important support of the week next to the Triangle Pattern is described by the blue upward trend, which is about EUR 241.98 (USD 285.84). The most important resistance this week is the triangle pattern. At the latest when the price maximum of 30 September at EUR 257.55 (USD 304.24), this has been positively abandoned.
The long term course development
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Let us consider the 240min chart as the first to assess medium and long-term developments:
Image based on data from [Kraken.com](https://www.kraken.com/)
The breakthrough of the downtrend has meanwhile developed into a firm uptrend or, more precisely, a bullish triangle pattern. The related price increase has meant that the price has now risen again over the exponential moving averages over one or two weeks, and it has thus become a golden cross on September 25 (an exceedance of the longer exponential moving average by the shorter moving average) came.
The MACD is positive according to these developments, but the MACD line has fallen below the signal. The RSI is neutral with 50. In the medium term, the situation is neutral to bullish. Most important support equals the minimum a few days ago at EUR 238.83 (USD 282.12). The most important resistance is EUR 261.92 (USD 309.40).
Let's take a look at the 1D chart:
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Image based on data from [Kraken.com](https://www.kraken.com/)
A little reminds the situation of those who joined the course in mid-July: the course was able to recover, tested the exponential moving average over a month, fell to a fib retraction level, and now fought a second time with the exponential moving averages. If course minima and maxima are included in the consideration, a long-term triangle pattern is obtained, which would still concern us until the end of the year:
Image based on data from [Kraken.com](https://www.kraken.com/)
The MACD is still negative, but the MACD line is just before the breakthrough. The RSI is neutral with 51 to bullish at best.
Overall, the long-term forecast is neutral to bullish. Both support and resistance are described by the triangle pattern. The most important resistance is EUR 319.69 (USD 377.64). In addition to its role in the Triangle Pattern, the most important support is approximately the amount of the 38.2% Fib retraction level at EUR 216.41 (USD 258.63).
Disclaimer: The course analysis is from the morning [MUT time zone](https://en.wikipedia.org/wiki/Mauritius_Time) 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 Monday and a great Week!!!
ⓁⓄⓥⒺ & ⓁⒾⒼⒽⓉ
Best regards
@danyelk
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