Crypto Industry News:
Terraform Labs founder Do Kwon has been found guilty of using a false passport by a court in Montenegro. Thus, he was sentenced to four months in prison.
Do Kwon's comrade and former CFO of Terraform Labs, Han Chong-joon, was charged with him and received the same sentence. The time spent by both men in custody will be taken into account, the Montenegrin Basic Court announced on its website.
Do Kwon was accused of trying to leave the country using a fake Costa Rican passport. He reportedly told the court that he did not know the passport he was traveling with was forged and blamed it on the Chinese agency.
According to a June 17 news from the South Korean news site Segye Ilbo, Do Kwon told Montenegro's primary court that he had received allegedly forged passports and travel documents, including a Costa Rican passport, through outside "agencies".
According to Do Kwon, because he had "traveled for years" with his Costa Rican passport, he had no reason to doubt its authenticity.
Technical Market Outlook:
The ETH/USD pair has made a new swing low at the level of $1,616 and tested the technical support located at $1,620. The bounce from the support was strong as the bulls broke above the level of $1,718 and made a new local high at the level o $1,759. Since then the market keeps consolidating around this level and the level of $1,702 is being used as the intraday technical support. The intraday technical resistance is seen at $1,750. The strong and positive momentum on the H4 time frame chart supports the bullish outlook for ETH.
Weekly Pivot Points:
WR3 - $1,747
WR2 - $1,733
WR1 - $1,724
Weekly Pivot - $1,719
WS1 - $1,713
WS2 - $1,704
WS3 - $1,690
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.