According to the head of the Central Bank of the Russian Federation, the cryptocurrency fever begins to fade and investors' excitement is getting smaller. As reported by the Russian news agency, speaking at the FINOPOLIS innovative financial technologies forum in Sochi, Elvira Nabiullina admitted that in her opinion cryptocurrency and blockchain technology are now treated more rationally. She stressed that the failure of most projects and ICOs meant that investors are more practical and sober than ever before: "Fortunately, the cryptographic fever began to decrease. Technologies like blockchain have aroused great enthusiasm, but now, as far as possible, the approach to them is soberer".
The head of the Central Bank also noticed that entrepreneurs are currently looking for ways to implement blockchain technology in their operations. She also mentioned Initial Coin Offerings (ICO), considering it an "excellent method of raising funds". She added, however, that this method is poorly protected against fraud.
In conclusion, Nabiullina noticed that digital financial technologies have finally gained mass application: "Business is trying to improve such technologies, looking for examples of their practical application (...) Digital finances are no longer the world of an advanced consumer. It is a world of mass consumer "- she explained. These comments helped to show the attitude of the Russian central bank, especially towards ICO. They also showed Nabullina's new approach to cryptographic assets. It is worth recalling that some time ago it called virtual currencies "substitutes for money", stating that they will not be on the Russian stock exchanges. In addition, she said that the central bank "categorically opposes" the regulation of cryptocurrency or equating it with a foreign currency.
Let's now take a look at the Ethereum technical picture at the H4 time frame. The market keeps trading in a sideways trend between the levels of 192.58 - 204.41 after the big spike from the 15th of October. The market conditions are now neutral and even he momentum indicator is now flat. There is no clear direction whatsoever, but the larger time frame chart remains bearish.
