Crypto Industry News:

The US Securities and Exchange Commission (SEC) is not only suing Binance and Coinbase, but is also seeking to freeze cryptocurrency assets associated with Binance US. In order to "ensure the safety of customer assets", the securities regulator considers this action to be an urgent necessity.

The SEC has filed a request to freeze assets held by BAM Management US Holdings and BAM Trading Services. These are the entities responsible for the management of Binance US, the US subsidiary of leading cryptocurrency exchange Binance. The Commission says it's about the safety of customer funds.

"The SEC states that this is necessary on an expedited basis to ensure the safety of customer assets," the officials said.

Everything is, of course, a consequence of the SEC lawsuit against the Binance cryptocurrency exchange. The company and its CEO were accused of running an unregistered stock exchange, brokerage house and clearing house. In addition, there was an allegation of allowing trading in assets that were considered unregistered securities.

Technical Market Outlook:

The ETH/USD pair bounce did not last even 24h and the market is trading back under the 50 and 100 MA. The intraday technical support is seen at the level of $1,822 and was tested already. In a case of a breakout lower, the next target for bears is seen at the level of $1,782. The momentum is again weak and negative, so the outlook remains bearish.

Weekly Pivot Points:

WR3 - $1,962

WR2 - $1,919

WR1 - $1,894

Weekly Pivot - $1,877

WS1 - $1,851

WS2 - $1,834

WS3 - $1,791

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. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.