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Crypto Industry News:
Tether, the company responsible for issuing the largest stablecoin in terms of USDT market capitalization, announced that it has completely eliminated commercial papers from its reserves, a long-sought target in its first attempts to strengthen treasury reserves.
"The communique is part of Tether's continued efforts to increase transparency, with investor protection at the heart of Tethers' reserve management," reads the Tether announcement.
CTO of Tether, Paolo Ardoino, was quoted earlier this year saying the company intends to reduce its exposure to commercial papers by the end of 2022.
Achieving this required the elimination of over $ 30 billion in commercial assets, which Tether said were achieved "without any loss", which the stablecoin provider says is "evidence of how Tethers reserves are conservatively and professionally managed".
Technical Market Outlook:
The ETH/USD pair had made a new local low at the level of $1,267 in the form of a Pin Bar and ten reversed aggressively back towards the middle of the trading range. The local high was made at the level of $1,314 (at the time of writing the article), but with the strong and positive momentum on the H4 time frame chart, the outlook remains bullish and a target for bulls is seen at $1,358 and $1,372. Please keep an eye on the market behavior close to the local trend line (market orange on chart). The demand zone is now located between the levels of $1,191 - $1,1219.
Weekly Pivot Points:
WR3 - $1,333
WR2 - $1,318
WR1 - $1,311
Weekly Pivot - $1,302
WS1 - $1,295
WS2 - $1,286
WS3 - $1,270
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 at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.
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