Crypto Industry News:
Cristiano Ronaldo was sued for promoting Binance. This is a class action lawsuit filed by plaintiffs who claim they suffered losses as a result of his advertising for the exchange in question.
The lawsuit, addressed to the District Court of Florida, stated that the football player "promoted, assisted and/or actively participated in the offering and sale of unregistered securities." He was supposed to do it "in cooperation with Binance".
And in fact, the athlete established long-term cooperation with the stock exchange. This happened in mid-2022. As part of the deal, he promoted an NFT collection. However, the complaint states that users who registered on Binance to purchase Ronaldo's NFTs also used the exchange for other purposes, including investing in "unregistered securities," including but not limited to: BNB
Why does the term "unregistered securities" arise? This is how American officials from the Securities and Exchange Commission (SEC) define some tokens and cryptocurrencies.
"Ronaldo's promotions solicited or assisted Binance in soliciting investments in unregistered securities, encouraging millions of his followers, fans and supporters to invest on the Binance platform," the lawsuit says.
Ronaldo was also said to have played a key role in increasing Binance's popularity due to his influence and reach on social media (850 million followers). The plaintiffs add that the footballer's NFTs helped promote the stock exchange, as evidenced by data from Google - a jump in searches for "Binance" by as much as 500% shortly after the announcement of the token sale.
The athlete is accused of knowing or should have known that Binance was selling "unregistered cryptocurrency securities." Plaintiffs Michael Sizemore, Mikey Vongdara and Gordon Lewis are now seeking damages.
Technical Market Outlook:
The ETH/USD pair has been rejected from the level of $2,132 again which makes this level a possible Double Top on the H4 time frame chart. The market moved lower, tested the short-term trend line support around the level of $2,039 and is currently trying to resume the up trend. The key 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, but first they need to break out above $2,075 and $2,093.
Weekly Pivot Points:
WR3 - $2,700
WR2 - $2,322
WR1 - $2,191
Weekly Pivot - $1,983
WS1 - $1,832
WS2 - $1,624
WS3 - $1,265
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.