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Crypto Industry News:
CFTC Chairman Rostin Behnam discussed the cryptocurrency regulations proposed by the CFTC and the SEC in a TV interview.
The chairman was asked to comment on a bill in Congress where the SEC is responsible for security tokens and the CFTC for commodity tokens.
"It's a bit of an age-old thing between the CFTC and the SEC. Historically, we have a great relationship ... In this space, in my opinion, it makes sense for commodities to be regulated by the Commodity Futures Commission and securities to be regulated by the SEC," explained Behnam.
The head of the CFTC noted that in the crypto space, some tokens will be securities and some will be commodities. When asked to comment on SEC chairman Gary Gensler's claim that most of the available crypto tokens are securities, Behnam stressed that the biggest cryptocurrencies are commodities.
While admitting that there could be many security tokens, the CFTC chief noted that "there are tons of community coins." He explained: "I think it would be prudent for each agency to have oversight of commodities and securities, respectively."
He concluded by saying that both the CFTC and the SEC want to "prudently regulate the crypto sector", protect clients and protect financial stability.
Technical Market Outlook:
The ETH/USD pair has successfully bounced from the range low located at the level of $1,887 and is heading higher, however, in the short time-frame perspective the market is still moving sideways, so the market is trend less for now. The nearest technical resistance is seen at $2,106 and $2,199, but the weak and negative momentum still supports the short-term bearish outlook. The market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend intact.
Weekly Pivot Points:
WR3 - $2,386
WR2 - $2,268
WR1 - $2,122
Weekly Pivot - $2,009
WS1 - $1,865
WS2 - $1,755
WS3 - $1,597
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames had broken below the key long term technical support seen at the level of $2,000 and continues to make new lower lows with no problems whatsoever. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next target for bears is located at the level of $1,420.
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