Crypto Industry News:
In April this year, the Commodity Futures Trading Commission (CFTC) sued a former Deutsche Bank employee for fraudulently inducing retail investors to pay into a fake fund trading in digital assets. According to financial media, Rashwan Russell will probably plead guilty to the charges against him.
Russell initially disputed the charges against him. However, the case has now been referred to a magistrate in a move likely aimed at changing the suspect's position on the charges. So far, Russell has pleaded not guilty. There are many indications that he will change his strategy and admit to the crimes he is accused of. In April this year, the Commodity Futures Trading Commission (CFTC) sued a former Deutsche Bank employee. The reason was to encourage retail investors to make payments, among others. Bitcoin and Ethereum, to a fake fund trading in digital assets. The man promised clients huge returns and profits on investments. Prosecutors accused him of creating false documents to simulate the liquidity and stability of the fund in question. He was to allocate a significant part of the funds from investors for his own use, including: to gamble and pay off debts to other investors.
Technical Market Outlook:
The ETH/USD pair has made a new local low at the level of $1,530 and then immediately bounced back. The bounce high was made at the level of $1,651, so the short-term trend line resistance at the H4 time frame chart was broken. Currently, the market hovers around the 100 MA located at the level of $1,632. The momentum broken to the positive territory as well, so the bounce can continue higher towards the level of $1,664. The intraday technical resistance is seen at the level of $1,632 (100 EMA) and the nearest technical support levels are located at $1,616 and $1,580.
Weekly Pivot Points:
WR3 - $1,683
WR2 - $1,653
WR1 - $1,641
Weekly Pivot - $1,622
WS1 - $1,610
WS2 - $1,591
WS3 - $1,560
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.