Crypto Industry News:
The SEC's crusade against the cryptocurrency market is bearing increasingly bitter fruit. Another digital asset exchange partially disappears from the US. This time it's Crypto.com.
For several months, the US Securities and Exchange Commission (SEC) has been hitting cryptocurrency companies. Its latest victims are Coinbase and part of Binance - Binance.US. Both have been sued for offering clients to trade in cryptocurrencies that officials consider unregistered securities.
More companies are afraid of what may happen to them when the SEC scrutinizes their activities. As a result, they may seriously consider emigrating.
From June 21, Crypto.com, a Singapore-based exchange, will close its US cryptocurrency trading platform that offered its services to institutional clients. Reason? The "current market landscape" which implies "limited demand" for its services. It is not hard to guess that the unofficial reason for moving out of the US is the recent attack by the US regulator on the two largest exchanges - Binance and Coinbase.
However, Crypto.com added that its retail app will continue to operate, including UpDown Options, a cryptocurrency derivatives product that is regulated by the Commodity Futures Trading Commission, one of the major US regulators that sued Binance early this year.
Technical Market Outlook:
The ETH/USD pair has been seen stubbornly testing the technical support located at the level of $1,718 many times, but so far no breakout. The bulls are unable to sustain the bounce from the extremely oversold market conditions on the H4 time frame chart as the momentum is still weak and negative. 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 after the breakout below $1,718 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.
