Crypto Industry News:
The former head of the U.S. Securities and Exchange Commission warns that the SEC-Ripple ruling "stands on shaky ground" and is likely to be overturned.
Although many people hearing the verdict in the case of Ripple vs. The SEC breathed a sigh of relief, according to former SEC chairman John Reed Stark, the matter is not at all a foregone conclusion.
"The decision regarding Ripple is worrying on many fronts," he stressed, adding that in his opinion "the decision rests on shaky ground" and it is almost certain that the Commission will appeal it.
Recall that the case was that the SEC sued Ripple for issuing an unregistered security, which it considered the XRP token. The court stated that the latter can be considered a security when a company sells it to institutions. If it goes to the free market, to cryptocurrency exchanges, there is no way to define its character in this way.
Technical Market Outlook:
The ETH/USD pair has made the last high at the level of $2,027 and then pulled-back towards the moving average. The intraday technical support is seen at $1,902 and the intraday technical resistance is located at $1,926. When the up trend is resumed, then the next target for bulls is seen at the level of $2,140, which is the yearly high. Currently, the market is trading in a narrow range with the momentum hovering around the level of fifty, so the neutral market conditions prevails in the lower time frames.
Weekly Pivot Points:
WR3 - $1,964
WR2 - $1,945
WR1 - $1,938
Weekly Pivot - $1,926
WS1 - $1,919
WS2 - $1,908
WS3 - $1,889
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.
