Crypto Industry News:

The Indonesian government will not follow in the footsteps of China, which has banned all cryptocurrency transactions, emphasized the country's trade minister, Muhammad Luthfi, in comments to local media. The official added, however, that the government is considering how to make them less prone to being used in illegal financial activities.

Cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin are currently considered assets and commodities in Indonesia. Their legal treatment allows Southeast Asian residents to trade digital coins, but their use as legal tender is not allowed.

This week, the Central Bank of China stated that cryptocurrency transactions are illegal, alluding to previously imposed restrictions. All related financial activities, including trading cryptocurrencies, selling tokens, and trading virtual currency derivatives are also prohibited.

Indonesian cryptocurrency trading has been booming for the past year and a half, according to reports. Transactions on 13 domestic exchanges authorized by the Futures Supervisory Board increased by 40% in the first five months of 2021.

Technical Market Outlook

The ETH/USD pair has tested the 50% Fibonacci retracement level again this weekend, but still the bears were unable to break higher. The level of $3,159 capped the bounce from $2,866 and the market reversed. The nearest technical support is seen at the level of $2,977 and $3,052. The momentum remains positive, but not that strong anymore, so bulls will have to gather more steam in order to move towards the next target seen at 61% Fibonacci retracement at $3,281.

Weekly Pivot Points:

WR3 - $4,157

WR2 - $3,675

WR1 - $3,440

Weekly Pivot - $3,036

WS1 - $2,728

WS2 - $2,316

WS3 - $2,003

Trading Outlook:

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.