Crypto Industry News:
CFTC Chairman Rostin Behnam, during Thursday's legislative hearing before the Senate Committee on Agriculture, Food and Forestry, discussed how his agency will regulate the cryptocurrency market
The purpose of the hearing was to analyze the Digital Commodities Consumer Protection Act (DCCPA), which aims to strengthen the CFTC in terms of "exclusive jurisdiction over the digital goods spot market". The bill was introduced to the US Senate in August by senators from both the Democratic and Republican parties. Behnam told lawmakers that "many digital assets are commodities":
"The knowledge and experience of the CFTC make it the right regulator of the digital goods market" - he added.
He explained that his agency helps protect clients through rules-based market surveillance and a disclosure system designed to ensure the transparency, integrity and security of transactions.
Meanwhile, just this year, two other bills were introduced in Congress that could make the CFTC the primary regulator of the cryptocurrency markets. The Responsible Financial Innovation Act was introduced into the legislative circulation in June by American senators - Cynthia Lummis and Kristen Gillibrand. The second project mentioned was the "Digital Commodity Exchange Act of 2022", presented in April to Congressmen Ro Khann, Glenn "GT" Thompson and Tom Emmer.
Technical Market Outlook:
The ETH/USD pair had broken below the last month's low seen at the level of $1,423 and made a new weekly low at the level of $1,281 (at the time of writing the article). The levels of $1,358, $1,407 and $1,424 will now act as the technical resistance for bulls. The next target for bears is seen at the level of $1,281, $1,267, $1,255 and below. Despite the extremely oversold market conditions on the H4 time frame chart, the momentum remains weak and negative, which might indicate the ETH is still in the short-term down trend.
Weekly Pivot Points:
WR3 - $1,460
WR2 - $1,386
WR1 - $1,346
Weekly Pivot - $1,312
WS1 - $1,272
WS2 - $1,238
WS3 - $1,164
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 at the level of $2,029. The key technical support for bulls is seen at $1,281.9. If the down move will extend, then the next target for bears is located at the level of $1,000.