Crypto Industry News:
The House of Representatives Financial Services Committee has passed as many as four bills on digital assets. Kristin Smith, CEO of the Blockchain Association, a group that lobbies for the blockchain market, believes it is "a milestone for the US cryptocurrency industry" and "the promise of real progress towards a well-functioning regulatory framework in the US."
These bills relate to the Financial Innovation and Technology Bill (FIT), the Blockchain Regulatory Certainty Act, the Stablecoin Act, and the Keep Your Coins Act.
The FIT, if passed in Congress, will establish a comprehensive regulatory framework for issuing and trading digital assets. It will divide competences in this field between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The Blockchain Regulatory Certainty Act "provides that blockchain developers and service providers who do not take control of consumer funds are not legally considered financial institutions or money service companies."
The aforementioned law on stablecoins regarding the approval and regulation of issuers of stablecoins. Meanwhile, the Keep Your Coins Act boils down to regulations related to protecting cryptocurrency investors. The rules are intended to "ensure that consumers can keep custody of their digital assets in self-hosted wallets."
Technical Market Outlook:
The ETH/USD pair has broken out form the local triangle pattern on the H4 time frame chart and is testing the level of $1,827 which is the key short-term technical support level. Any violation of this level would open the road towards the next target located at $1,777. The weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook for ETH, however, the market conditions are extremely oversold already. In a case of a bounce, the intraday technical resistance is seen at the level of $1,833, $1,850 and $1,888.
Weekly Pivot Points:
WR3 - $1,906
WR2 - $1,885
WR1 - $1,874
Weekly Pivot - $1,863
WS1 - $1,853
WS2 - $1,842
WS3 - $1,821
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.