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Crypto Industry News:
According to a report published Tuesday on the State Administration for Market Regulation's social media account, there were 59,700 NFT-related complaints registered in 2022, up from 198 in 2021. Most of the complaints were about items not being received after purchase, issues with refunds, price manipulation and high transaction fees.
The report was published a day ahead of World Consumer Rights Day, an annual event where Chinese media and authorities highlight instances of market abuse. Despite the ban on cryptocurrency trading in China, NFT transactions are a legal gray area that has yet to be regulated. As a result, China's domestic NFT market is self-regulating by an industry that prohibits secondary trading.
The lack of clear regulation is hurting China's NFT industry, as evidenced by the fact that Huanhe, a regulated NFT marketplace owned by Tencent Holdings, will shut down in June and begin the process of reimbursing its users. Other NFT platforms in the country are in the process of moving their businesses to Hong Kong, which has taken a more open approach to cryptocurrencies.
The topic of regulation was brought up in a recent government meeting in two sessions where a member of the Chinese parliament proposed establishing a legal definition of digital collectibles and a regulatory framework for the industry.
Technical Market Outlook:
The ETH/USD pair had bounced from the technical support located at the level of $1,664 and tries resume the rally. The last daily candle close was above the 50 DMA, so this is a very bullish indication and the new highs should be made soon. The intraday technical support comes with the help of 50 MA seen at $1,619 and 100 MA seen at $1,644 as well as the level of $1,664. The positive momentum on the daily time frame chart supports the short-term bullish bias for ETH, however the market conditions are extremely overbought, so a pull-back or a local consolidation might continue for some time.
Weekly Pivot Points:
WR3 - $1,709
WR2 - $1,656
WR1 - $1,629
Weekly Pivot - $1,603
WS1 - $1,575
WS2 - $1,550
WS3 - $1,497
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. The key technical support for bulls at $1,281 was broken already and the new swing low was established at $1,074. There is a clear test of the 50 WMA located at the level of $1,080, so any breakout below the moving average and a weekly candle close below moving average will be considered as another indication of the down trend continuation. 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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