Crypto Industry News:

According to media reports, the social media giant Facebook interviewed major US cryptographic exchanges regarding the issue of its own cryptocurrency.

Referring to two people familiar with the project "Globalcoin" on Facebook, the media write that Facebook discussed the initiative with the leading cryptographic exchange and Coinbase wallet. It was also noted that Facebook reportedly talked with the Gemini exchange, which was founded by the Winklevoss twins, well-known rivals of Facebook's general manager Mark Zuckerberg.

According to anonymous sources, Facebook is negotiating with major cryptographic companies to ensure that its stablecoin is linked to the value of the US dollar and is liquid, transferable and secure. They were supposedly among others leading companies in Chicago with high revolutions, Jump and DRW, we read in the report.

All the aforementioned parties refused to comment on the matter in the media, and the publication adds that the social media giant demanded that they sign confidentiality agreements.

Technical Market Overview:

The ETH/USD pair has broken above the short-term trendline resistance and is currently trading around the level of $267, which is above the old wave b top. The wave (4) might have been completed and now the market is unfolding the wave (5) to the upside, but the momentum behind the move up is still low. The target for this wave is seen at the level of $304.

Weekly Pivot Points:

WR3 - $321.20

WR2 - $292.77

WR1 - $283.99

Weekly Pivot - $254.33

WS1 - $241.65

WS2 - $213.82

WS3 - $203.55

Trading Recommendations:

The best trading strategy in the current market conditions is to buy the local pull-back as wave 4 is in progress in anticipation of the wave 5 to the upside. Please pay attention to the technical resistance at the level of $278.14 as any breakout above this level is bullish. On the other hand, any violation of the level of $226.17 will accelerate the sell-off towards the next technical support at the level of $212.12.