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Crypto Industry News:
Cryptocurrencies continue to face varying responses from governments around the world as some have accepted an emerging asset class while others try to ban certain aspects of their use to protect their financial interests.
Japan sits firmly in the camp of promoting the benefits of cryptocurrency, as evidenced by a new proposal from the Financial Services Agency (FSA), a national financial regulator, which aims to ease the corporate tax on cryptocurrency profits to help bolster the economy.
Based on a proposed revision, the FSA is trying to exclude companies from paying taxes on the paper-based cryptocurrency profits they hold after they are released. It also calls for the improvement of the scheme that gives tax credits to individual investors.
The agency is taking this step to support Prime Minister Fumio Kishida's "New Capitalism" vision, which aims to revive the world's third largest economy. As part of his goal, Kishida is committed to helping Web3 businesses grow in the country and double the wealth of households.
The current corporate tax rate of 30% is applied to profits from cryptocurrency holdings, including unrealized gains, prompting some companies to relocate to Singapore or other jurisdictions. This move by the FSA aims to combat this problem and encourage these companies to stay in Japan.
Technical Market Outlook:
The ETH/USD pair has broken above the technical resistance seen at $1,530 - $1,559, is up 13,67% and the market is consolidating the recent gains around the upper channel line. The next target for bulls is seen at the level of $1,654. The key short-term technical support is located at the level of $1,358 and if clearly violated, then the next target for bears is located at $1,281. The momentum is positive, however, there is a bullish divergence seen on the H4 time frame chart between the price action (last low) and momentum. The larger time frame trend (daily and weekly) remains down until further notice.
Weekly Pivot Points:
WR3 - $1,532
WR2 - $1,486
WR1 - $1,468
Weekly Pivot - $1,444
WS1 - $1,424
WS2 - $1,400
WS3 - $1,355
Trading Outlook:
The down trend on the Ethereum might have been terminated at the level of $880. 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 $1,358. The key technical support for bulls is seen at $1,281.
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