Crypto Industry News:
The Binance exchange has just announced a groundbreaking decision. It reached an agreement with the U.S. Department of Justice, the Commodity Futures Trading Commission, the Office of Foreign Assets Control and the Financial Crimes Enforcement Network. All "in connection with their registration, compliance and sanctions investigations."
Binance pleaded guilty to violating US sanctions and money transfer regulations. This has downright revolutionary consequences. CZ is leaving his position as CEO and is being replaced by Richard Teng, whom the market has already come to know as Binance's Global Director of Regional Markets.
In addition, the company, as it said in a statement, "is systematically working on restructuring (...) [its] organization and staff, modernizing systems and establishing a new industry standard."
It went on to point out that Binance "was one of the first major exchanges outside the United States to require mandatory KYC procedures for all users" and today "takes compliance with sanctions seriously."
The company also calculated that since the beginning of this year it has processed "over 52,700 law enforcement applications, serving 12,699 registered law enforcement officers worldwide through the Government Law Enforcement Request System." In 2022, there were over 50,000 such applications. In addition, there is broader cooperation with law enforcement agencies in the form of, for example, training.
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 testing the intraday technical resistance located at the level of $2,091. 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. The next target for bulls is the swing high located at the level of $2,135.
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.