Crypto Industry News:
The Securities and Exchange Commission of Thailand is preparing to ease investment restrictions on retail investments related to ICO offerings to boost digital investment.
The Thai securities regulator is poised to lift the cap on investment in asset-backed ICOs of 300,000 baht ($8,800) per person, with plans to allow larger real estate and infrastructure investments backed by ICOs, the SEC has officially announced.
The new measures are designed to help Thailand boost local tech development due to growth in the capital market and digital economy, the SEC states, adding:
"The change in regulations is aimed at strengthening the effective monitoring of operations involving digital assets and reducing the risks that may affect investors, digital asset operators and the market."
The SEC has opened a public consultation on a plan to remove the investment cap, noting that the new measures will increase the risk of putting investors at risk. The public consultation is due to run until April 27.
The regulator plans to require digital asset operators to obtain permission from the SEC to expand into other fields. Digital asset operators may also incur additional costs for complying with the new ICO regulations, the SEC notes. The SEC's latest proposal in Thailand is another in a series of regulatory changes to the country's digital asset market.
Technical Market Outlook:
The ETH/USD pair has been seen consolidating inside a narrow zone located between the levels of $1,686 - $1,858 (swing high) for the last several days and the bulls still do not heave enough momentum to test the psychological level of $2,000 again. The 50 and 100 moving averages are now in line on the very same level, so the bears took the opportunity and broke below them. The next target for bears is seen at the level of $1,755 ( 25th March low) and then at $1,686 (27th March low). The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for Bitcoin.
Weekly Pivot Points:
WR3 - $1,842
WR2 - $1,809
WR1 - $1,792
Weekly Pivot - $1,776
WS1 - $1,759
WS2 - $1,743
WS3 - $1,710
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
