Crypto Industry News:
Russian deputy minister of energy, Yevgeny Grabchak, proposed to eliminate the legal vacuum around cryptocurrency mining in the country and introduce clear regulations. This statement continues the recent streak of support for the crypto industry among Russian officials.
Speaking at the first national conference of legal cryptocurrency miners in Irkutsk, Grabczak called for a regulatory framework for the sector to be put in place as soon as possible:
"The legal vacuum makes it difficult to regulate this area and establish clear rules of the game. This legal vacuum should be [removed] as soon as possible. mining [cryptocurrencies]. "
The deputy minister also suggested that it would be more prudent to allow regional authorities, rather than their federal counterparts, to designate areas for cryptocurrency mining and possible energy limits. "Perhaps they should be synchronized with regional development strategies and plans of other industrial sectors," he added.
Grabczak's speech places mining in Russia in the strategic perspective of the state. He also shared his disbelief in the market's ability to regulate the number and allocation of excavator operators.
Technical Market Outlook:
The ETH/USD pair has made a new high at the level of $3,430 and is currently consolidating the recent gains. The nearest technical support is seen at the level of $3,287 and $3,234. In a case of a further breakout higher, the next target for bulls is the 50% Fibonacci retracement located at the level of $3,512. The strong and positive momentum supports the bullish outlook and as long as the price stays above the technical support seen at $3,045, the bulls are in control of the market.
Weekly Pivot Points:
WR3 - $3,836
WR2 - $3,556
WR1 - $3,407
Weekly Pivot - $3,131
WS1 - $3,010
WS2 - $2,712
WS3 - $2,604
Trading Outlook:
The market has broken above the level of $3,192 which was the key Fibonacci retracement for bulls. The bulls re now in control of the market and are heading towards the 50% Fibonacci retracement on the weekly time frame chart located at $3,512.
