Crypto Industry News:
The chairman of the US Securities and Exchange Commission (SEC) - Gary Gensler - says there is no reason to treat the cryptocurrency market any differently from the rest of the capital markets just because it uses a different technology:
"Recent market events show why it is so important for cryptocurrency companies to comply with securities laws. In recent months, some cryptocurrency lending platforms have frozen their investors' accounts or have gone bankrupt. As for bankruptcy, these investors now have to fight in court. " - added.
The head of the SEC emphasized that no matter what the financial product is, whether it is an application, a lending platform, a cryptocurrency exchange or a decentralized financial platform, the regulations must be followed.
"For decades, the Supreme Court has explained that the economic realities of a product - not a label - determine whether it is a security [or not]," he explained.
He added that he knew that "there are costs of compliance with securities laws." He likened it to "car makers bear the cost of fitting seat belts."
Technical Market Outlook:
The ETH/USD pair has bounced from the technical support seen at the level of $1,559, however, the bears hit the trend line support located around the level of $1,530 as well. The nearest technical resistance is seen at $1,666 and must be clearly violated in order to continue the up move. The key short-term technical support is located at the level of $1,559 and if clearly violated, then the next target for bears is located at $1,358. The momentum remains weak and negative, so the ETH market remains under the bearish pressure.
Weekly Pivot Points:
WR3 - $1,703
WR2 - $1,649
WR1 - $1,615
Weekly Pivot - $1,595
WS1 - $1,560
WS2 - $1,540
WS3 - $1,485
Trading Outlook:
The down trend on the Ethereum might have been terminated at the level of $880. 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 next target for bears is located at the level of $1,358.
