Crypto Industry News:
New York State Senator Kevin Thomas is trying to provide prosecutors with a clear legal framework in the fight against crypto crimes that aligns with the spirit of blockchain and at the same time combats fraud in the sector.
The senator submitted a proposal to amend the law to penalize rug pull crimes and other virtual token distribution scams, misuse of private keys and hidden interests in crypto projects.
Rug Pull is a form of scam that occurs most often in the DeFi platform environment, and is carried out by the creators of a given token themselves. The operation consists in extracting all liquidity from the liquidity pool dedicated to the project. The result of the action is a drastic decrease in the value of the token in a short time and a practical reset of the value of the project. Rug Pull is most often preceded by an extensive promotional campaign aimed at maximizing the investment volume.
The bill, drafted by Senate Thomas as Senate Bill S8839, calls for the definition, punishment and criminalization of frauds specifically targeting developers and projects that aim to defraud crypto investors.
Technical Market Outlook:
The ETH/USD pair had broken below the last week low seen at the level of $2,881 as the bearish pressure intensify. The local low was made at the level of of $2,816 (in the time of writing the analysis), however, in a case of the down move continuation, the next target for bears is seen at the level of $2,775. The nearest technical resistance is located at $2,952. The down trend continues and there is no indication of trend termination or reversal just yet.
Weekly Pivot Points:
WR3 - $3,378
WR2 - $3,278
WR1 - $3,078
Weekly Pivot - $2,916
WS1 - $2,787
WS2 - $2,680
WS3 - $2,474
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the level of $2,646.
