Crypto Industry News:

In the second half of this year, the Central Bank of the Russian Federation will assess the risks associated with investing in cryptocurrencies (including bitcoin).

However, it is not about the bank's investment plans, but about whether investing in cryptocurrencies by individuals and entities represents a risk for the entire financial system.

In order to investigate the potential risk, the Central Bank of Russia wants to collect data from fifteen popular companies, organizations and banks. Among them there will be: Tinkoff Bank, Sberbank, Visa, Mastercard and Western Union.

By the way, the bank will want to check the interest in equity investments on the part of non-resident investors. The said report is to be prepared before the end of November 2021.

The need to conduct a risk assessment is associated with increasing criticism from local legislators and entrepreneurs. They are dissatisfied with the position of the Central Bank of the Russian Federation towards the entire cryptocurrency industry.

Technical Market Outlook:

The ETH/USD pair has hit the 61% Fibonacci retracement at the level of $2,228, but the rally was capped and the Shooting Star candlestick pattern was made at the top of the rally. Currently, the market is going lower towards the nearest technical support seen at the level of $2,086. The momentum is strong and positive, which supports the short term bullish outlook for ETH, but the bulls must break through the retracement level in order to test the high at $2,639.

Weekly Pivot Points:

WR3 - $2,667

WR2 - $2,446

WR1 - $2,091

Weekly Pivot - $1,898

WS1 - $1,514

WS2 - $1,323

WS3 - $946

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.