Crypto Industry News:

The Ministry of Labor and Social Protection of the Russian Federation issued a letter advising officials that they must get rid of any cryptocurrencies they hold by April 1.

"Officials are required to dispose of digital financial assets issued in information systems organized under foreign law, as well as digital currencies, regardless of the country of issue," the statement read.

The letter indicates the persons affected by the new law, listing in particular persons holding government or state positions, employees of the Central Bank of the Russian Federation, employees of certain organizations and their owners.

Russian President Vladimir Putin signed a decree on December 10, 2020, obliging government officials and candidates for appropriate positions to declare any cryptocurrencies or tokens owned by them, their spouses and minor children. The first disclosure is due between January 1 and June 30 of this year. According to the publication, reporting on digital financial assets and digital currency acquisitions in 2020 is not required.

The Law on Digital Financial Assets entered into force in Russia on January 1. Recognizes cryptocurrencies as property but prohibits their use for payment. The draft law on the taxation of cryptocurrency operations was submitted to the State Duma at the beginning of December last year.

Technical Market Outlook:

The ETH/USD bounce had been terminated at the level of $1,375 after the Pin Bar candlestick pattern was made. The bulls tried to break through the short-term trend line resistance, but failed and reversed lower towards the level of $1,274. If this level is violated, then the next target for bears is seen at the level of $1,233. The momentum is pointing down around the neutral level, so the sentiment might be flipping to negative in the short-term. The higher time frame trend remains up.

Weekly Pivot Points:

WR3 - $1,927

WR2 - $1,665

WR1 - $1,545

Weekly Pivot - $1,286

WS1 - $1,156

WS2 - $897

WS3 - $767

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,500, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.