Crypto Industry News:
Conflicting reports surfaced in Russia on the state of cryptocurrency regulatory affairs on Thursday. First, a Reuters report indicated that the Central Bank of Russia is seeking a cryptocurrency ban, citing threats to financial stability and a sharp increase in the number of transactions. If the move is passed, it will be in line with comments made last month by Russian President Vladimir Putin that cryptocurrencies "represent a high risk." The national central bank is currently preparing an advisory report on this matter.
However, Anatoly Aksakov, chairman of the Duma's Financial Markets Committee [of the Russian Parliament], made the following statement at a press conference on the same day, as reported by a local news service:
"There is a very hard approach to completely banning cryptocurrencies, acquiring or owning. There is [also] an approach where there must be appropriate crypto exchanges where everything is legalized, transparent and understandable to regulators. It would be easier for the Federal Tax Service of Russia to tax such transactions." .
Chairman Aksakov also expressed his support for regulating cryptocurrency mining in the country, citing factors such as taxation of mining and electricity consumption by companies. Authorities in this country are prioritizing the introduction of CBDC and have introduced severe repression against the private cryptocurrency sector, including banning investment funds from investing in Bitcoin. The latest data suggests that Russians make around $ 5 billion worth of cryptocurrency transactions each year.
Technical Market Outlook
The ETH/USD pair is approaching the key short-term technical support seen at the level of $3,677 as the last bounce was capped at the level of $4,000. The momentum is weak and negative already, so the bears are still in control of the market. The nearest technical resistance is located at the level of $3,913 and $3,954. The larger time from trend, like daily or weekly remains up and there is no sign of trend termination or reversal.
Weekly Pivot Points:
WR3 - $4,968
WR2 - $4,711
WR1 - $4,167
Weekly Pivot - $3,888
WS1 - $3,641
WS2 - $3,370
WS3 - $3,122
Trading Outlook:
The ABCxABC complex corrective cycle might be terminated, so the next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. 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. The level of $3,677 is the key mid-term technical support for bulls.
