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Crypto Industry News:
Alabama and several other US states are investigating several major crypto companies, including Genesis
The investigation is allegedly into potential securities breaches and links with retail investors. According to November 25 reports, lending firm Genesis Global Capital and other crypto firms are under investigation by US securities regulators. Joseph Borg, director of the Alabama Securities and Exchange Commission, confirmed that his state and several other states are involved in investigations into Genesis' alleged ties to retail investors, and whether the platform and other cryptocurrency companies may have violated securities laws. This information was provided by Barron's. It is not yet known which other companies have also been taken under the scrutiny of administrative authorities.
Technical Market Outlook:
The Ethereum cryptocurrency has been seen moving higher as the bounce continues above the level of $1,288. The recent local high was made at the level of $1,308 (at the time of writing the article), however, the market has entered an extremely overbought conditions. The intraday technical resistance is located at $1,1288, but the next target for bulls is seen at $1,343. The momentum is strong and positive on the H4 time frame chart, so the move up is backed up by bulls. Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues and any up move should be considered as the upward correction during the long-term down trend.
Weekly Pivot Points:
WR3 - $1,253
WR2 - $1,213
WR1 - $1,190
Weekly Pivot - $1,173
WS1 - $1,150
WS2 - $1,133
WS3 - $1,093
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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