Crypto Industry News:
For several hours, the crypto industry has been buzzing with rumors that Changpeng Zhao (CZ), CEO of the largest cryptocurrency exchange in the world, Binance, is wanted by international services. Zhao was to be sought with the help of the so-called "Red Notice" of Interpol. The interested himself categorically denied the rumors. The rumors initially caused a strong dip in the price of Bitcoin, but over time buyers managed to regain momentum.
The largest cryptocurrency exchange in the world and its founder have not had good press recently. First an official lawsuit from the US Commodity Futures Trading Commission (CFTC) and now this.
Well-known personalities in the crypto community spread an unverified rumor that Interpol was to send a so-called. "red note". This would mean that CZ is wanted by international services and on criminal charges.
It is not difficult to guess that such serious problems of the largest cryptocurrency exchange in the world would potentially cause an armageddon on the market larger than even FTX. There were even voices that the collapse of Binance would "return cryptocurrencies to the stone age". CZ even claims that fake news, along with counterfeit photos that appeared on the internet, came from competitors in order to discredit the exchange.
Technical Market Outlook:
The ETH/USD pair has made a strong breakout above the last technical resistance located at $1,858. The new swing high was made at the level of $1,924, but the market conditions on the H4 time frame chart look extremely overbought. The level of $1,858, $1,845 and $1,832 will now act as the support for bulls. The next target for bulls is seen at the level of $2,000.
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.
