Crypto Industry News:
The European Union is once again targeting digital assets. The European Parliament and its Research Office want the supervision of cryptocurrencies to be even more precise. Everything is aimed at increasing security and ensuring greater development and stability in the cryptocurrency market.
The Act on the Regulation of Crypto Assets Markets (MiCA) is scheduled to enter into force only in December 2024, which is why the European Parliament wants to establish a tighter regulatory framework for jurisdictions outside the European Union.
MiCA is one of the most important cryptocurrency laws in recent years in the European Union. It is worth adding, however, that there is still a year and two months left until its introduction, which is why the European Parliament wants to introduce further regulations that will be a kind of run-up before MiCA.
Although EU politicians emphasize that MiCA is currently a priority, the Research Bureau (EPRS) emphasizes the need for closer supervision from regulatory authorities outside the European Union. Mainly about the United States and Great Britain. According to EU documents, the USA currently has quite imprecise regulations covering stakeholders at the state and federal level. For this reason, it strongly affects the clarity of law and regulatory transparency.
Technical Market Outlook:
Despite the extremely oversold market conditions on the H4 time-frame chart, the ETH/USD pair has made a new local low at the level of $1,562. The intraday technical resistance is seen at the level of $1,606 and the nearest technical support levels are located at $1,562 (last swing low). Please notice, the price is below the 50 and 100 MA on the H4 time frame chart already, so the bears are clearly in charge of the ETH market.
Weekly Pivot Points:
WR3 - $1,623
WR2 - $1,598
WR1 - $1,585
Weekly Pivot - $1,573
WS1 - $1,560
WS2 - $1,547
WS3 - $1,522
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.
