Crypto Industry News:
Binance may be compelled by the United States Department of Justice to pay a hefty fine of up to $4 billion. The department is conducting an investigation into the cryptocurrency exchange for money laundering, bank fraud, and violating sanctions imposed on countries hostile to the USA.
On Monday, November 21, media reported that the U.S. Department of Justice is seeking over $4 billion from Binance Holdings Ltd. as part of a proposed settlement to conclude the long-running investigation into the cryptocurrency exchange and its CEO, Changpeng Zhao (CZ).
U.S. authorities are scrutinizing Binance's activities for allegations related to money laundering, bank fraud, and sanctions violations. Both the company and CZ could face criminal charges in the USA. However, there is a possibility that the matter may be resolved through a settlement, albeit one valued at over $4 billion.
The settlement is intended to allow Binance to continue its operations in the USA and avert a market collapse in the cryptocurrency space.
If an agreement, known as a deferred prosecution agreement, is reached between Binance and the Department of Justice, the country's authorities will file a criminal complaint against the cryptocurrency exchange without initiating criminal proceedings. The condition is that the company complies with specified terms, typically involving a substantial monetary penalty and an acknowledgment of wrongdoing.
Technical Market Outlook:
The ETH/USD pair has rebounded from a recent low at $1,902, successfully surpassing the 50-day moving average at $1,994 and is currently ascending towards its next target. Intraday technical resistance is identified at $2,080, while intraday technical support is established at $1,931. With robust and positive momentum, the short-term outlook for ETH remains bullish as the ongoing local corrective cycle persists. The crucial short-term technical support for ETH is situated at $1,911, and only a clear and sustained breakout below this level would prompt a shift in the short-term outlook to bearish.
Weekly Pivot Points:
WR3 - $2,298
WR2 - $2,208
WR1 - $2,086
Weekly Pivot - $1,996
WS1 - $1,873
WS2 - $1,783
WS3 - $1,661
Trading Outlook:
The Ethereum market has consistently formed lower highs and lower lows since reaching the swing high in mid-August 2022 at $2,029. For the bulls to sustain the upward trend, breaking through this pivotal level is imperative. The crucial technical support at $1,368 holds significance, and as long as the market maintains trades above this level, the overall outlook remains bullish.