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Crypto Industry News:
A final trialogue between the three main EU institutions (Council / Parliament / Commission) will take place on 30 June. At the meeting, the resolution on MiCa (Markets in Crypto-assets), i.e. regulations developed from 2018, aimed at creating mechanisms on the basis of which it will be possible to conduct legal activity in the area of crypto and ensure a uniform licensing system in all countries, should be taken by 2024.
The main aspects are already closed, but what is the most important and probably the most striking for the user of such stablecoins as USDT or USDC is the possible prohibition of exchanges offering users to keep their deposits at interest.
In addition, the regulations for stabecoin issuers such as the white paper, redemption rights, operational obligations, capital reserves, etc. are very high. For "significant" stablecoins above a certain threshold (reserve size, transaction volume, etc.), even more stringent compliance and precautionary requirements will apply. If regulated stablecoins are used on a large scale as a means of payment (e.g. 1 million transactions per day), the EU plans to limit their issuance due to concerns over monetary policy and FIAT currency substitution. Moreover, they will be supervised by EU authorities and not by national supervisory authorities.
Technical Market Outlook:
The ETH/USD pair has been rejected from the level or $1,280 after the Pin Bar candlestick was made at the top of the move and is getting away from this level. Currently, the next target for bears is seen at the level of $1,100, which is the technical support. Other supports are seen on the levels of $1,072, $1,048 and $1,008. The larger time frame chart trend remains down and as long as the key short-term technical resistance is not clearly violated, the outlook remains bearish.
Weekly Pivot Points:
WR3 - $1,602
WR2 - $1,421
WR1 - $1,352
Weekly Pivot - $1,194
WS1 - $1,119
WS2 - $951
WS3 - $891
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 $1,420 and bears continue to make new lower lows with no problem 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 $1,000. Please notice, the down trend is being continued for the 11th consecutive week now.
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