Crypto Industry News:
The UK's Financial Conduct Authority proposes that creators of online cryptocurrency memes who breach applicable financial promotion rules be punished with up to two years in prison.
July 17 The Financial Conduct Authority (FCA) has published proposals for new guidelines for financial promotions on social media. Under the new rules, cryptocurrency companies and influencers should start placing disclaimers on cryptocurrency memes to comply with UK advertising laws.
As the office informed, in the Internet space you can find numerous memes related to the cryptocurrency industry. Some of the companies that have decided to create and distribute them do not realize that they are subject to the promotional rules established by the FCA. "Any type of communication can be considered financial promotion," the release said.
The fact that the UK Financial Conduct Authority considers cryptocurrencies to be a high-risk investment is nothing new. Cryptocurrencies in this country can be promoted among retail investors, but at the same time it should be remembered that when advertising them, risk warnings should be published and investment incentives should not be used.
According to the data of the office, in the fourth quarter of 2022 as much as 69 percent. Financial promotions on the websites or social media of authorized companies had to be changed or withdrawn after the intervention of the FCA.
Recently, the UK Financial Conduct Authority has seen an increase in the number of influencers promoting financial products about which they have little knowledge. They have been warned that their marketing activities may constitute a criminal offense punishable by up to two years in prison, an unlimited fine, or both. Importantly, this principle also applies to promotional and advertising activities that take place outside the UK but which may have a real impact in that country.
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. Since then only a new local lows are made and bulls do not look like they want to challenge the last swing high yet. The momentum is weak and negative, which supports the short-term bearish outlook for ETH. The intraday technical support is seen at $1,874, $1,827 and $1,816. The intraday technical resistance still 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 and the immediate target for bull after strong breakout higher.
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.
