Crypto Industry news:
The US cryptocurrency exchange Coinbase has announced that it will not implement the Lend cryptocurrency loan program.
In an update to the blog announcing the program, Coinbase highlighted the difficulties encountered in the area of regulatory clarity in the crypto industry when deciding not to launch a loan product on the cryptocurrency market. According to the exchange, "hundreds of thousands of customers from all over the country" have already signed up for the Lend program, which aimed to offer a 4% annual return on USD Coin deposits.
The announcement comes less than two weeks after the Securities and Exchange Commission (SEC) threatened Coinbase to take legal action if the exchange launched Lend, which it deems a security. Coinbase's chief lawyer, Paul Grewal, later stated that the loan product was not an "investment agreement or memo" and challenged the SEC's decision as unexplained. The stock exchange then said it would postpone the launch of the Lend program "at least until October".
Technical Market Outlook
The ETH/USD pair has made a new local low at the level of $2,644 which is just below the 100% market geometry levels seen at $2,674. It might be the termination of the ABC corrective cycle and the first confirmation comes with the breakout above the level of $3,122. The nearest technical support is seen at $2,639 and the technical resistance is seen at $3,052. The weak and negative momentum supports the short-term bearish outlook for ETH despite the oversold market conditions on the H4 time frame chart.
Weekly Pivot Points:
WR3 - $4,190
WR2 - $3,923
WR1 - $3,621
Weekly Pivot - $3,349
WS1 - $3,067
WS2 - $2,787
WS3 - $2,498
Ethereum have started the next wave up and violated the long-term target at the level of $3,550. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.