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Crypto Industry News:
According to the May 31 report, there has been a significant increase in the use of OTC platforms since China announced its position on bitcoin mining and tightened restrictions on financial institutions and payment operators in the context of providing cryptocurrency services.
Exact volume figures are difficult to establish as Chinese OTC transactions are made on a peer-to-peer basis and use third party payment platforms. However, the exchange rate between the Chinese Yuan and the popular Tether stablecoin (USDT) is seen as a key measure of sentiment in the local cryptocurrency market - as demand for USDT increases during market downturns.
The USDT / CNY exchange rate fell by as much as 4.4% after the Communist Party's announcements, although since then it has recovered more than half of the losses. The recovery suggests that as markets began to consolidate, the peak of sales may have passed.
One of the fears driving China's tightening stance on cryptocurrencies seems to be capital outflows from stock exchanges. Bloomberg speculates that over-the-counter trading may not carry the same risk of losing capital as conventional exchanges. It has been suggested that regulators may not be so strict when dealing with this sector.
Technical Market Outlook:
The ETH/USD pair has broken through the upper channel line around the level of $2,505 and tested the local technical resistance seen at $2,638. The new local high during this move up was made at the level of $2,594. Nevertheless, as long as the price is still under the level of $2,914, the bears are still in full control of the market and the next target for bears is seen at the level of $1,729, $1,633 and $1,544. The nearest technical support is still seen at the level of $2,201.
Weekly Pivot Points:
WR3 - $4,688
WR2 - $4,131
WR1 - $2,922
Weekly Pivot - $2,341
WS1 - $1,141
WS2 - $579
WS3 - $181
Trading Recommendations:
Ethereum has lost more than 50% of the recent gains from the lows of March 2020 and now is currently in the counter-trend corrective cycle. The next long-term target for bears is seen at the level of $1,728 (61% Fibonacci retracement of the last wave up) and $1,420 ( January 2018 swing high). The up trend is resumed when the level of min. $3,000 is clearly violated.
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