Crypto Industry News:

India probably can't decide whether they support cryptocurrencies or prefer to fight them. It turns out that the Ministry of Finance demanded a ban on digital currencies throughout the country. It is a kind of return to the ideas from 2019.

It is surprising because only a quarter ago the Supreme Court of India decided that the recommendation of the central bank of the country, which led to the fact that commercial banks terminated contracts for maintaining accounts for companies from the BTC market, is unconstitutional. It is true that banks still did not want to open accounts for cryptocurrency exchanges, but this would soon change, as the Reserve Bank of India was to send them an appropriate letter in which he explained the Supreme Court's judgment.

So when everything started to go in the best direction, now there is a new proposal from the Ministry of Finance. The ministry wants to ban cryptocurrencies throughout the country. The application will first be sent to the Council of Ministers. It is only in the second stage that the minister will forward it to the parliament for final review.

The new idea, however, evokes a bill from July last year, when a government team led by India's former secretary of finance, Subhash Garga, developed laws that would completely ban cryptocurrencies. At that time, India wanted every user of digital currency to be punished by imprisonment of up to 10 years and / or a fine. Finally, the bill did not enter into force

Technical Market Outlook:

The ETH/USD pair has failed to rally higher towards $250 and after a quite long period of consolidation moved lower towards the level of $225. Then another wave down had developed and the last local low was made at the level of $217.65, but there is still a room for another wave down. The next technical support is seen at the level of $209.89 and the nearest technical resistance is still seen at the level of $225.84. The larger time frame trend remains up.

Weekly Pivot Points:

WR3 - $269.64

WR2 - $259.20

WR1 - $244.61

Weekly Pivot - $234.84

WS1 - $219.79

WS2 - $210.55

WS3 - $195.77

Trading Recommendations:

The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred. The next key technical support is seen at the level of $174.82.