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Crypto Industry News:
The bankruptcy of the FTX exchange founded by Sam Bankman-Fried and the mysterious events related to it have recently electrified the cryptocurrency community from around the world. Once again, thousands of investors have lost their funds, and more bankruptcies are looming on the horizon, as both FTX and Alameda Research have sponsored many smaller, but also leading projects in the digital asset industry. To ensure the transparency and security of user funds, the largest crypto exchanges publish audits and reports of their portfolios en masse.
The platform founded by CZ is one of the main drivers of the recent turmoil. Now, as one of the first, she decided to introduce clients to the complexity of her portfolio. How does he present himself?
The funds are located in 65% on the Ethereum chain, and in 19.12% on the TRON network. Next are the Bitcoin blockchain (10.65%) and the popular BNB Chain (5.15%). The total amount in dollars is over 64.3 billion. The allocation of tokens seems to be very well thought out, because the list below shows only fundamentally strong projects.
We could write for hours about the current state of the largest crypto exchanges. Currently, there are discussions whether the platforms do not falsify their reports, helping themselves temporarily in shaping the portfolio. Regardless of how honest their current movements are, it is worth at least diversifying the location of your funds for your own peace of mind, among other things, into hardware wallets that are generally considered safe.
Technical Market Outlook:
The Ethereum market has been seen consolidating in a narrow range located between the levels of $1,219 - $1,281 as the traders await for a trigger of the next wave up or down. The volatility is very low, however the bulls retraced 38% of the last wave down and were capped at the local high seen at $1,347. The intraday technical support is seen at $1,219, $1,191 and $1,170 (H4 Pin Bar low). The intraday technical resistance is located at $1,281 and $1,343. Momentum on the H4 time frame chart remains bouncing up and down around the neutral level of fifty.
Weekly Pivot Points:
WR3 - $1,247
WR2 - $1,237
WR1 - $1,231
Weekly Pivot - $1,227
WS1 - $1,221
WS2 - $1,217
WS3 - $1,207
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 is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. 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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