Crypto Industry News:

The US Securities and Exchange Commission (SEC) has frozen the assets of Meta 1 Coin, an alleged cryptographic fraud supported by a former US senator that has promised investors a return of up to 224.923% without real tokens.

According to the SEC's announcement, the regulator initially froze Meta's assets on March 16 and charges the company's operators with fraud charges. At present, the SEC appears to be fighting for fines and defamation, not imprisonment of those involved.

Meta 1 claimed that his tokens were supported. However, this support has changed over time from around $ 1 billion in rare works of art to, recently, $ 2 billion in gold.

The SEC accusation reads: "In fact, Coin is not supported by anything."

One of Meta 1's main sponsors named in the accusation is Dave Schmidt, a former Republican senator of Washington.

Suspicious interests have already appeared in Schmidt's past. He lost his re-election campaign to his position in Washington in 2006, after which he faced an investigation into the improper spending of over $ 40,000 on campaign funds.

Technical Market Outlook:

The ETH/USD pair has bounced from the trend line support around the level of $119.00 and is currently testing the local technical resistance located at the level of $136.62. If bulls will not break through this level, then the price will likely drop towards the trend line support again. Any violation of this level will likely lead to another wave down towards the nearest technical support seen at the level of $110.33. The key short-term technical support is seen at the level of $89.35 (13th March sell-off low). Please notice, that any breakout through the black trend line support will accelerate the wave down.

Weekly Pivot Points:

WR3 - $202.93

WR2 - $178.10

WR1 - $150.26

Weekly Pivot - $126.31

WS1 - $100.57

WS2 - $71.34

WS3 - $47.20

Trading Recommendations:

All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.