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Crypto Industry News:
France recognizes the influence of influencers and plans to regulate the digital world a bit. In March, a bill containing stricter rules for influential people will be sent to the National Assembly. Among the measures discussed were: a ban on the promotion of plastic surgery and drugs, as well as risky financial investments, including cryptocurrencies.
The decision to introduce the new rules came after French Economy Minister Bruno Le Maire drew attention to fraud and misleading advertising promoted by numerous celebrities on social media. Now, a political agreement on the matter between President Emmanuel Macron's party (Renaissance) and the socialists in parliament promises to regulate the sector in the spring. "Influencers have a lot of power, so they have a lot of responsibility. France has advertising laws, but they are not sufficiently respected and need to be strengthened," Le Maire said this week. "There are interesting proposals from parliamentarians, we will try to agree on a common front."
The regulations come at a time when the online influencer industry is booming around the world, with companies shifting money from TV advertising budgets to so-called content creators known as influencers, who promote products and services to millions of young followers on platforms such as Instagram, YouTube, TikTok and Snap. France boasts that the influencer industry is worth several hundred million euros. In addition to traditional luxury goods such as cars and clothes, influencers also promote a range of dubious products such as diet pills, plastic surgery and cryptocurrencies.
Technical Market Outlook:
The Ethereum cryptocurrency rally had been capped at the level of $1,664 after the bulls hit the extremely overbought market conditions on the H4 time frame chart. The market continues the corrective cycle to the downside as there is still wave C missing to complete this cycle. The nearest technical support is seen at $1,525 and $1,487. The key technical support is located at $1,350 and only clear and sustained breakout below this level would change the short-term outlook to bearish. Please keep an eye on the $1,487 technical support as any violation of this level would likely extend the drop towards $1,345, but in order to do this, the volatility must increase significantly.
Weekly Pivot Points:
WR3 - $1,834
WR2 - $1,702
WR1 - $1,628
Weekly Pivot - $1,570
WS1 - $1,496
WS2 - $1,438
WS3 - $1,307
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 2022 at the level of $2,029. The key technical support for bulls at $1,281 was broken already and the new swing low was established at $1,074. There is a clear test of the 50 WMA located at the level of $1,080, so any breakout below the moving average and a weekly candle close below moving average will be considered as another indication of the down trend continuation. 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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