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Crypto Industry News:
Some time ago we reported that the then Prime Minister of the UK government, Liz Truss, intends to regulate the crypto market. However, it turned out that her leadership in the local government ended sooner than it began, so the plans stopped for a long time. Or so it seemed. Now it turns out that when Rishi Sunak from the Conservative Party became the new Prime Minister, the legislative work accelerated rapidly and is basically being finalized. The Financial Times reported that the UK Treasury is in the final stages of work on the project. The changes will include the currently functioning regulations in the crypto sector as well as the way and field for interaction with foreign companies.
The collapse of the exchange founded by Sam Bankman-Fried had very negative effects on the crypto world. It turns out that legal regulations and greater state supervision are expected not only by staunch opponents of digital assets, but also, for example, by investors affected by the whole scandal, who are usually optimistic about the Web 3.0 revolution. The UK was basically the first to take real action in the form of regulatory legislation.
Technical Market Outlook:
The Ethereum cryptocurrency has broken below the technical support located at $1,237 (it will act as the intraday technical resistance now) and trend line support seen at $1,255. As the momentum is negative on the H4 time frame chart, the short-term outlook remains bearish with a target for bears located at $1,150 (28th November low). Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues and any up move should be considered as the upward correction during the long-term down trend.
Weekly Pivot Points:
WR3 - $1,345
WR2 - $1,317
WR1 - $1,305
Weekly Pivot - $1,289
WS1 - $1,277
WS2 - $1,261
WS3 - $1,233
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 and the new yearly low was established at $1,074. 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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