Crypto Industry News:
SEC president Gary Gensler calls for cooperation between Europe and the United States in the effort to regulate decentralized financial technologies.
Speaking to the Parliamentary Committee on Economic and Monetary Affairs on September 1, Gensler stressed the role that financial technologies play in globalizing economic flows and weakening isolated national markets:
"I think the transformation we are going through now could be as big as the internet in the 90s."
Valued at $ 2.1 trillion, Gensler stressed that cryptocurrency markets are a "truly global" asset class, adding: "It has no limits or restrictions. It works 24 hours a day, 7 days a week. "
The chairman of the SEC stressed the need to develop a strong public policy framework to balance the promotion of innovation in digital assets and decentralized finance with strong investor protection.
Gensler stressed that DeFi platforms "provide direct access to millions of investors" without the presence of a public-protocol broker, but pointed out that there was a high risk involved. He said DeFi and cryptocurrencies "abound with fraud and abuse." He also pointed out that in the absence of "clear investor protection obligations on these platforms", investors become extremely vulnerable to the above.
The head of the SEC also highlighted concerns about stablecoins, estimating that nearly three-quarters of the cryptocurrency trading volume is made up of pairs in which stablecoins are involved.
Technical Market Outlook
The ETH/USD pair has made a new swing high at the level of $3,843 and is currently consolidating the recent gains around this level. The next target for bulls is seen at $4,000 and $4,204, but the market conditions remains overbought. The nearest technical support is seen at $3,596, but the intraday support is seen at $3,708. The short-term outlook remains bullish with a typical pull-back here and there along the way up.
Weekly Pivot Points:
WR3 - $3,712
WR2 - $3,560
WR1 - $3,379
Weekly Pivot - $3,218
WS1 - $3,063
WS2 - $2,891
WS3 - $2,721
Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550,. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.
