The crypto industry is still an area that remains unregulated in many countries. Policy makers around the world are wondering how to approach this issue. Some countries see a lot of potential in cryptocurrencies and do not help yet, at least it does not prevent them from operating. Others try to win something for the budget and introduce taxes, which, as it turns out, are completely ineffective. There is also a large group of countries definitely unfavorable or even fighting cryptocurrencies. The last group for which the crypto industry is a problem has just gained a new member.
Another country that has recently seriously tightened the screw of the crypto industry is Estonia. Introduced at the beginning of 2022, the regulations were aimed at preventing the financing of terrorism and money laundering. Pursuant to their content, it was forbidden to own wallets with software without a trust service and decentralized financial products. In addition, a requirement has been introduced for companies to indicate specific links with Estonia. In addition, license fees and reporting requirements have been increased. It was obvious to the crypto community that such regulation would hit the industry hard. The latest data summarizing the first year of operation of the regulations confirmed their fears. The Estonian Financial Intelligence Unit reported that nearly 200 crypto service providers voluntarily shut down their operations in the last year. In addition, the state withdrew the operating permit for 189 entities that failed to meet the formal requirements mentioned above.
Technical Market Outlook:
The ETH/USD pair has failed to break through the key technical resistance located at $2,049 and only a sustained breakout above this resistance level would open the road towards the swing high seen at $2,140. The market reversed sharply from the level of $2,019 and now is trading below the 50 and 100 MA on the H4 time frame chart. The next target for bears is seen at $1,807 and $1,787, just below the short-term trend line support. The weak and negative momentum on H4 time frame chart supports the short-term bearish outlook for ETH.
Weekly Pivot Points:
WR3 – $2,016
WR2 – $1,941
WR1 – $1,902
Weekly Pivot – $1,871
WS1 – $1,829
WS2 – $1,798
WS3 – $1,726
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.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
The crypto industry is still an area that remains unregulated in many countries. Policy makers around the world are wondering how to approach this issue. Some countries see a lot of potential in cryptocurrencies and do not help yet, at least it does not prevent them from operating. Others try to win something for the budget and introduce taxes, which, as it turns out, are completely ineffective. There is also a large group of countries definitely unfavorable or even fighting cryptocurrencies. The last group for which the crypto industry is a problem has just gained a new member.
Another country that has recently seriously tightened the screw of the crypto industry is Estonia. Introduced at the beginning of 2022, the regulations were aimed at preventing the financing of terrorism and money laundering. Pursuant to their content, it was forbidden to own wallets with software without a trust service and decentralized financial products. In addition, a requirement has been introduced for companies to indicate specific links with Estonia. In addition, license fees and reporting requirements have been increased. It was obvious to the crypto community that such regulation would hit the industry hard. The latest data summarizing the first year of operation of the regulations confirmed their fears. The Estonian Financial Intelligence Unit reported that nearly 200 crypto service providers voluntarily shut down their operations in the last year. In addition, the state withdrew the operating permit for 189 entities that failed to meet the formal requirements mentioned above.
Technical Market Outlook:
The ETH/USD pair has failed to break through the key technical resistance located at $2,049 and only a sustained breakout above this resistance level would open the road towards the swing high seen at $2,140. The market reversed sharply from the level of $2,019 and now is trading below the 50 and 100 MA on the H4 time frame chart. The next target for bears is seen at $1,807 and $1,787, just below the short-term trend line support. The weak and negative momentum on H4 time frame chart supports the short-term bearish outlook for ETH.
Weekly Pivot Points:
WR3 – $2,016
WR2 – $1,941
WR1 – $1,902
Weekly Pivot – $1,871
WS1 – $1,829
WS2 – $1,798
WS3 – $1,726
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.
The material has been provided by InstaForex Company – www.instaforex.com
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