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Crypto Industry News:
United States Commodity Futures Trading Commission (CFTC) Commissioner Summer Mersinger has suggested that it is time to take action on cryptocurrency regulation. She voiced her opinion on November 18, speaking at the Texas Blockchain Summit:
"We're clearly at a point where we need to stop, we need to gather the facts, we need to understand what's going on [...] to move regulation forward. Action is needed now"- she said.
She says the CTFC will work with the Securities and Exchange Commission in this process. But what would these regulations look like? One of the proposals would be to introduce a "proof of reserves".
"We expect that from our regulated entities. We don't ask for it every day, but we can [request it]. And I think that's fair," Mersinger said. "Maybe control is decentralized but you take customer funds and put them in some central location that they need to know about and be checked by regulators" - she added.
In the meantime, however, "until a decision is made at the federal level, the states are the first line of defense."
"Sometimes in Washington we forget that the states were the first actors and the first regulators here and that they play an important role. I think a lot of times the states are left out of the [federal regulation] talks, and that's unfortunate [a phenomenon]," - she said.
Technical Market Outlook:
The Ethereum market has broken out from the narrow range located between the levels of $1,219 - $1,281 and is testing the the sell-off low seen at $1,073 (at the time of writing the article). The bearish pressure is still strong, so in a case of extension to the downside the next target is seen at $999. The intraday technical resistance is located at $1,191 and $1,1219. The market has hit the extremely oversold conditions on the H4 time frame chart again, however, the bears are still in control of the market and keep making pressure. Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues.
Weekly Pivot Points:
WR3 - $1,198
WR2 - $1,151
WR1 - $1,143
Weekly Pivot - $1,125
WS1 - $1,110
WS2 - $1,092
WS3 - $1,059
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 at $1,281 was broken already. 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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