Crypto Industry News:
The echoes of the crisis that the FTX cryptocurrency exchange has to face do not stop.
As we learn from on-chain data, Tether froze 46 360 701 USDT tokens worth US $ 46 274 472 owned by the FTX cryptocurrency exchange. The blocked funds were stored by the exchange in its wallet on the Tron blockchain. The issuer of the largest stablecoin by market capitalization made the move the day after the US Securities and Exchange Commission (SEC) and the US Department of Justice launched an FTX investigation over their liquidity crisis.
Last month, on October 11, a Tether spokesman announced that the company only decides to take this type of action when it receives a justified request from a verified law enforcement institution. Today, the Japanese authorities also imposed an order on the FTX exchange to suspend operations in the country after the company suspended withdrawals from the platform.
On November 10, the stablecoin from Tether - USDT - briefly "depeg", ie lost its rigid 1: 1 link to the US dollar. Stablecoin momentarily dropped to $ 0.96, then returned to $ 0.99.
Most of the experts referred to this situation by calling it a "glitch". However, according to experts, USDT has lost its link as a result of increased activity caused by the implosion of the native FTX token.
Technical Market Outlook:
The ETH/USD pair has made a new local low at the level of $1,077in and immediately started a dynamic bounce. The bulls had managed to retrace 38% of the last wave down and made a new local high at the level of $1,347. Nevertheless, the bearish pressure is still high and the next target for bears is seen at the level of $886 (yearly low's). The momentum is still weak and negative on the H4 time frame chart, so the down move might continue soon. The nearest technical resistance is seen at the level of $1,343. In order to extend the recent impressive rally and reverse the trend to the up trend the market must break above the last swing high seen at $1,785.
Weekly Pivot Points:
WR3 - $1,635
WR2 - $1,605
WR1 - $1,587
Weekly Pivot - $1,575
WS1 - $1,557
WS2 - $1,544
WS3 - $1,514
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 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.