Crypto Industry News:
Grayscale CEO Michael Sonnhenshein appeared on CNBC's Squawk Box on Wednesday. He was, of course, talking about what his company was planning after its success in court. There were no champagne corks popping in her offices.
Sonnhenshein admitted that the whole thing may still take some time. First, the SEC now has 45 days to appeal the court's decision. He has the right to ask for a review by the Supreme Court.
"We really need to be patient and follow federal appeals rules," Sonnhenshein said.
He added that at the very end "the court will issue a final order" and it is in this procedure that "further operational steps will be defined in detail". So we have to wait more than a month for the next move of the SEC, and then for the action of the court.
What will the SEC do? Theoretically, officials could raise their hands in surrender, but they probably won't. Even for political and personal reasons. Gary Gensler, who heads the Commission, has not had a good run lately. The SEC sued Ripple for issuing unregistered securities. She also lost the case, but will appeal. In fact, he must do so to prevent his ultimate embarrassment.
Technical Market Outlook:
The ETH/USD pair has spiked to the upside and made a new local high at the level of $1,744 and currently is in the corrective cycle. The level of $1,698 will act as the technical support and is being tested by bears. The momentum has hit the extremely overbought conditions on the H4 time frame chart, so now it is time for a pull-back, however, the short-term outlook remains bullish. The next target for bulls is seen at the level of $1,800 (key short-term technical resistance).
Weekly Pivot Points:
WR3 - $1,689
WR2 - $1,666
WR1 - $1,653
Weekly Pivot - $1,643
WS1 - $1,630
WS2 - $1,620
WS3 - $1,579
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.
