Crypto Industry News:
Drop in BTC and ETH influence on US cryptocurrency exchanges and warnings from the former and current head of the SEC. All this prompts experts and investors to think about the future of the cryptocurrency market in the US.
Due to the continuing ambiguity of regulations in the United States, more than half of the Bitcoin (BTC) held by crypto companies has moved elsewhere. According to a CryptoQuant report, BTC reserves on US crypto exchanges have fallen to 2017 levels. As a result, these companies lose out to non-US platforms.
Regulatory uncertainty is forcing crypto companies to move their operations overseas. Regions such as the European Union and Hong Kong that have developed comprehensive regulations for the fledgling economy are experiencing a rapid influx of capital, talent and digital asset companies.
In addition to the decline in Bitcoin reserves in the US, Ethereum (ETH) holdings are also steadily declining. About 56% of ETH on crypto exchanges is stored outside the United States. In addition, the trading volume on international crypto exchanges is four times higher than on US-based platforms.
Technical Market Outlook:
The ETH/USD pair has been seen testing the technical support located at the level of $1,718 for the second time as the bears are unable to bounce from the extremely oversold market conditions on the H4 time frame chart. The intraday technical resistance is seen at the level of $1,782 and only a sustained breakout above this level would change the outlook to more bullish. Otherwise, the next target for bears is seen at the level of $1,686.
Weekly Pivot Points:
WR3 - $1,807
WR2 - $1,771
WR1 - $1,754
Weekly Pivot - $1,736
WS1 - $1,719
WS2 - $1,701
WS3 - $1,666
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.
