Technical Analysis of ETH/USD for November 2, 2023
November 2, 2023 10:23 am
Crypto Industry News:
The management of SafeMoon, once one of the most popular meme cryptocurrencies comparable to the famous Dogecoin due to its astronomical increase in value, is in trouble. The US Securities and Exchange Commission (SEC) has brought a number of serious charges against them that will be difficult for them to overcome. These charges include: fraud, embezzlement of funds, offering unregistered sales of securities and many others.
There are three men at the center of the drama: SafeMoon founder Kyle Nagy, CEO John Karony and chief technology officer Thomas Smith. As of the publication of this article, Karony and Smith have been arrested, while Nagy, according to some sources, is still at large.
The charges against SafeMoon, Nagy, Karony and Smith include violating securities registration laws by conducting unregistered token sales. In addition, they are charged with fraud for making false statements to investors regarding the safety of funds held in the so-called liquidity pool and for the alleged misappropriation of investor funds. To make matters worse, there were also market manipulations, wash trading and other tactics aimed at harming investors.
John Karony, CEO of SafeMoon, is also accused of engaging in wash trading to artificially simulate market activity.
An SEC investigation uncovered evidence of misappropriation of more than $200 million in investor funds. The money was allegedly used to finance an extravagant lifestyle, including the purchase of luxury vehicles and properties in multiple states. Specifically, CTO Thomas Smith is accused of sending 2,900 pieces of Binance Coin (BNB) worth approximately $860,000 to acquire a custom Porsche 911 sports car and purchase non-fungible tokens (NFTs).
These lawsuits were filed in the U.S. District Court for the Eastern District of New York.
Technical Market Outlook:
The ETH/USD pair has bounced back up from a new local low made at the level of $1,787 and made a new swing high at the level of $1,874 The next target for bulls is seen at the level of $2,027. The intraday technical resistance is seen at $1,804. Currently, the market is in the pull-back mode, but the intraday technical support seen at the level of $1,819 should hold the bearish pressure. Please notice, that any violation of the level of $1,755 will open the road towards the key technical support seen at $1,520.
Weekly Pivot Points:
WR3 – $1,825
WR2 – $1,805
WR1 – $1,794
Weekly Pivot – $1,784
WS1 – $1,773
WS2 – $1,764
WS3 – $1,746
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 management of SafeMoon, once one of the most popular meme cryptocurrencies comparable to the famous Dogecoin due to its astronomical increase in value, is in trouble. The US Securities and Exchange Commission (SEC) has brought a number of serious charges against them that will be difficult for them to overcome. These charges include: fraud, embezzlement of funds, offering unregistered sales of securities and many others.
There are three men at the center of the drama: SafeMoon founder Kyle Nagy, CEO John Karony and chief technology officer Thomas Smith. As of the publication of this article, Karony and Smith have been arrested, while Nagy, according to some sources, is still at large.
The charges against SafeMoon, Nagy, Karony and Smith include violating securities registration laws by conducting unregistered token sales. In addition, they are charged with fraud for making false statements to investors regarding the safety of funds held in the so-called liquidity pool and for the alleged misappropriation of investor funds. To make matters worse, there were also market manipulations, wash trading and other tactics aimed at harming investors.
John Karony, CEO of SafeMoon, is also accused of engaging in wash trading to artificially simulate market activity.
An SEC investigation uncovered evidence of misappropriation of more than $200 million in investor funds. The money was allegedly used to finance an extravagant lifestyle, including the purchase of luxury vehicles and properties in multiple states. Specifically, CTO Thomas Smith is accused of sending 2,900 pieces of Binance Coin (BNB) worth approximately $860,000 to acquire a custom Porsche 911 sports car and purchase non-fungible tokens (NFTs).
These lawsuits were filed in the U.S. District Court for the Eastern District of New York.
Technical Market Outlook:
The ETH/USD pair has bounced back up from a new local low made at the level of $1,787 and made a new swing high at the level of $1,874 The next target for bulls is seen at the level of $2,027. The intraday technical resistance is seen at $1,804. Currently, the market is in the pull-back mode, but the intraday technical support seen at the level of $1,819 should hold the bearish pressure. Please notice, that any violation of the level of $1,755 will open the road towards the key technical support seen at $1,520.
Weekly Pivot Points:
WR3 – $1,825
WR2 – $1,805
WR1 – $1,794
Weekly Pivot – $1,784
WS1 – $1,773
WS2 – $1,764
WS3 – $1,746
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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