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Crypto Industry News:
The global pressure to regulate cryptocurrencies shows no signs of abating. Authorities in Australia have announced their intention to establish a framework for licensing and regulating crypto providers in 2023.
The move to regulate cryptocurrencies is part of the Australian government's broader goal of modernizing the financial system. This is according to a statement issued by Hon Stephen Jones MP, Deputy Treasurer and Finance Minister.
In addition to its goal of establishing a framework for regulating cryptocurrencies, the government also plans to "update and strengthen the Australian payment system; strengthen its financial market infrastructure; and establish a regulatory framework for Buy Now, Pay Later.
Cryptocurrency regulation has been an Australian focus since the collapse of FTX made headlines, with the Australian government stressing the importance of ensuring greater consumer protection as soon as possible.
"These reforms are designed to ensure we have a financial system that works for consumers, businesses and investors - one that benefits the Australian economy and Australian people," Jones said in a statement.
The finance minister went on to say that the previous government had "sat back" when it came to keeping up with market developments, especially when it came to new digital products and services. Accelerating regulatory action following recent events will be the goal of the Albanese Prime Minister's government.
Technical Market Outlook:
The Ethereum cryptocurrency has broken out to the upside from the consolidation zone and made a new local high at the level of $1,350. This is the key short-term technical resistance for bulls, so in order to continue the up move the bulls need to break through towards $1,400.So far the bulls are being rejected from this level, but during the pull-backs the market still trades above 100 SMA. The level of $1,308 will act as the technical support, so please keep an eye on this level. The momentum is strong and positive on the H4 time frame chart, so the odds for another leg up are high.
Weekly Pivot Points:
WR3 - $1,291
WR2 - $1,269
WR1 - $1,257
Weekly Pivot - $1,248
WS1 - $1,235
WS2 - $1,226
WS3 - $1,204
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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