Crypto Industry News:
The collapsed cryptocurrency exchange Bittrex and its former CEO have reached an agreement with the Securities and Exchange Commission (SEC). They decided that they would accept a penalty set at $24 million. In April this year, a government agency accused the company of operating as an unregistered exchange.
Bittrex and its former CEO William Shihara have neither admitted nor denied the allegations. That's according to court documents filed on Thursday. Bittrex's overseas division, Bittrex Global GmbH, also agreed to settle charges of not registering as a domestic stock exchange, the SEC said in a statement.
"Bittrex has worked with token issuers to 'clean' their statements of any indication that they were investment contracts. All this to circumvent federal securities laws. Well, apparently their plan didn't work out," said Gurbir S. Grewal, director of the SEC's law enforcement division.
Bittrex was one of the largest exchanges in the United States, with a market share of almost 23% in early 2018. In March, they announced that they were withdrawing from the US. In May, they declared bankruptcy. When applying, they declared that they had assets and liabilities estimated at between $500 million and $1 billion.
Bittrex has agreed to pay $24 million to settle claims by the SEC that the cryptocurrency exchange failed to register with the agency, according to a record in federal court in Seattle. The company and William Shihara agreed to comply with an injunction that prohibits them from violating US securities laws. However, they have pleaded not guilty to the SEC allegations.
Technical Market Outlook:
The ETH/USD pair has made a new local high at the level of $1,874 and then pulled-back towards more than 38% towards the moving average located at the level of $1,841. The next target for bears is the 61% retracement level located at $1,828. The next intraday technical resistance is seen at the level of $1,888 and $1,903. The market conditions are neutral on the H4 time frame chart as the RSI is approaching the level of fifty. Only a sustained breakout back below the last local high would change the outlook back to bullish.
Weekly Pivot Points:
WR3 - $1,869
WR2 - $1,850
WR1 - $1,839
Weekly Pivot - $1,830
WS1 - $1,820
WS2 - $1,810
WS3 - $1,791
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.