Crypto Industry News:
On December 13, the US Securities and Exchange Commission (SEC) filed charges against Sam Bankman-Fried, the founder and former CEO of the FTX cryptocurrency exchange, which declared bankruptcy in early November.
The SEC accuses Bankman-Fried of violating the Securities Act, which has been in effect since 1933, and the Securities Exchange Act of 1934. The indictment from the SEC seeks to deprive the SBF of its right to participate in the issue, purchase, offer and sale of any securities except its own personal account.
In the filed complaint, the SEC accuses him of developing and implementing a plan to defraud capital investors in FTX Trading Ltd. (FTX). The regulator notes that Bankman-Fried concealed the diversion of FTX client funds to cryptocurrency trading company Alameda Research. What's more, the defendant during this time raised funds from investors in the amount of over $ 1.8 billion.
"We claim that Sam Bankman-Fried built a house of cards on the foundation of a scam, telling investors it was one of the most secure buildings in crypto" - SEC chairman Gary Gensler said.
Technical Market Outlook:
The Ethereum cryptocurrency has broken out to the upside from the consolidation zone and made a new local high at the level of $1,347. This is the key short-term technical resistance for bulls, so in order to continue the up move the bulls need to break through towards $1,400. The level of $1,308 will act as the technical support, so please keep an eye on this level. The momentum is strong and positive on the H4 time frame chart, so the odds for another leg up are high.
Weekly Pivot Points:
WR3 - $1,291
WR2 - $1,269
WR1 - $1,257
Weekly Pivot - $1,248
WS1 - $1,235
WS2 - $1,226
WS3 - $1,204
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 at $1,281 was broken already and the new yearly low was established at $1,074. If the down move will be extended, then the next target for bears is located at the level of $1,000.