Crypto Update: Bear Market Showing Claws in Cryptos, Etheruem is Testing Important Support Levels

Ethereum is battling important resistance this morning. And the IRS has issued another statement in the U.S warning cryptocurrency traders to pay their taxes in April.

Bear Market Driving Values Lower as Slump Continues in Digital Assets

Cryptocurrency enthusiasts have been quick to say the past two months that people looking to get involved in digital assets should take advantage of slumping prices and buy on the dips. However, the time has proven that the cryptocurrencies have not plateaued and remain under a sea of pressure. A look at Bitcoin, Ethereum, and Ripple among others – show over fifty percent losses the past two months. And there have been very few trading signals via fundamental or technically driven barometers which have indicated the bear market has finished.

Dark Clouds for Ethereum and Digital Assets, Price Concerns Grow in Market

Ethereum is trading near 447.00 U.S Dollars per its Ether coin this morning. And its price action should be a cause for concern in the broad cryptocurrency market. Ether is testing important support levels and has not been able to sustain a speculative push upwards the entire month of March. Should Ethereum fall in price again, its next important support level is around 375.00 U.S Dollars. For traders who are inclined to look for upside, the 550.00 juncture looks like it might be a key resistance area. However, it is the immense weight on Ethereum which should be a concern to cryptocurrency traders. Ethereum is seen as a vanguard for Blockchain technology, and its recent price action suggests the dark clouds which have caused a huge price decline in the digital assets may not be ready to vanish soon.

IRS Issues another Reminder to U.S Citizens to Report Crypto Earnings

The Internal Revenue Service of the United States has issued another warning to U.S taxpayers that they must report all earnings via their cryptocurrency trading. The IRS has made it clear it will hold citizens accountable for non-reported income and is taking the matter seriously. The U.S views virtual currency as property meaning all transactions of digital assets are taxable. The deadline to file taxes this year in the States is April the 17^th.

Blockchain Event in Tokyo Early in April

Tokyo will hold the Beyond Blocks Summit from April 4^th to the 5^th, and it intends on offering participants the ability to gather information and network.

• April 4-5th, Japan, Beyond Blocks Summit Tokyo

Yaron Mazor is a senior analyst at SuperTraderTV.

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