Crypto Industry News:
A Chinese citizen was convicted by the People's Prosecutor's Office of the Fuzhou City Prefecture of Mawei County on charges of concealing the crime of buying USDT (Tether) stablecoin worth 94,988 yuan.
In February 2022, a man referred to by local media as "Mr. Chen" contacted his acquaintance Mr. Lin. It was then that Mr. Chen published his bank card details on the popular Chinese social network WeChat. Mr. Chen then received seven fiat yuan transfers from Mr. Lin, which he used to purchase USDT. The stablecoins were then sent back to Mr. Lin. As a result of this operation, Mr. Chen earned 147.1 yuan (equivalent to $20.26).
"Scammers use virtual currency to transfer and launder stolen money. This type of online money laundering in the name of buying virtual currency, knowing that others are using the information network to commit crimes and assist them, was a violation of the law," the statement published by the Fuzhou Mawei People's Prosecutor's Office reads.
Ultimately, the prosecution decided to sentence Mr. Chen to nine months in prison. This penalty was deferred for one year. The accused was also fined 5,000 Yuan (equivalent to $689).
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 volatility is now subdued, so the price keeps oscillating around the moving average located at the level of $1,850. 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 - $1,874
WR2 - $1,857
WR1 - $1,850
Weekly Pivot - $1,841
WS1 - $1,834
WS2 - $1,824
WS3 - $1,808
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.