Crypto Industry News:
Ross Ulbricht, the cryptocurrency supporter behind the closed online black market Silk Road, ends ten years in prison in October. The round anniversary fuels debates that have been going on for years about digital currencies, freedom on the Internet and proportionality in the practices of the (especially American) justice system. Ulbricht was sentenced a decade ago to two terms of life imprisonment with no possibility of parole.
Ulbricht was detained and charged in 2013 with founding and running the Silk Road forum, a darknet platform for trading illegal goods and services, which was a haven for all sorts of shady types, with particular emphasis on traders of soft and hard drugs paid for in Bitcoin. The market closure and concurrent conviction of Ross changed the narrative surrounding digital currencies overnight, particularly emphasizing their resistance to censorship and independence from government bodies.
It is a common opinion that Ulbricht's sentence is clearly disproportionate to the scale of his crimes. Supporters of the founder of the "Silk Road" emphasize the pacifist nature of the prisoner and the procedural irregularities during the trial, including the involvement of allegedly corrupt state officials. This criticism has even turned into a symbolic citizens' movement, embodying a crusade for justice, clemency and a demand for a reassessment of the Ulbircht case in the face of growing concerns about the narrowing space for digital freedom and privacy.
Ulbricht also constantly emphasizes that he regrets what he did, noting that the harsh sentence reflects the need to deter others from taking the same career path as himself. However, he points out that there are also attempts to dim the growing importance of Bitcoin as a tool of individual financial autonomy and freedom.
Technical Market Outlook:
The ETH/USD pair has temporary paused the down move after a sharp reversal from the level of $1,752 and is currently hovering around the middle of the ascending channel on the H4 time frame chart. The intraday technical support is seen at $1,600 and $1,582. The momentum broke below the level of fifty and is currently negative, so the down move might extend more, event towards the level of $1,562 and $1,530. The intraday technical resistance is seen at the level of $1,636.
Weekly Pivot Points:
WR3 - $1,765
WR2 - $1,743
WR1 - $1,731
Weekly Pivot - $1,721
WS1 - $1,708
WS2 - $1,699
WS3 - $1,676
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.
