Crypto Industry News:

The Bank of Russia maintains its strict stance on cryptocurrency trading despite growing concerns about the country missing out on the benefits of the digital asset industry.

Russian central bank governor Elvira Nabiullina reiterated the bank's negative stance on cryptocurrencies in an interview with Komsomolskaya Pravda, arguing that crypto is one of the most dangerous investments in existence today.

Nabiullina mentioned cryptocurrencies in the context of other high-risk investment spaces such as the currency markets. "It's much easier to lose in the currency market than to win," she said, stating that "speculative crypto assets" are even more risky.

The bank governor said prices in the cryptocurrency market are extremely volatile, stating that "the losses can be huge." She further stressed that the Bank of Russia does not recommend the public to invest in cryptocurrencies:

"The central bank never gives investment advice, but in this particular case the bank strongly does not recommend it," he says.

Nabiullina previously stated that cryptocurrencies like Bitcoin are "counterfeit money" and should not be used for settlements in Russia. In 2017, she described the growing popularity of cryptocurrencies around the world as "the gold rush."

Despite being skeptical about cryptocurrencies, Nabiullina is optimistic about the digital ruble, the central bank's digital currency project. She said last year that a digital ruble would help businesses by eliminating financial intermediaries.

Technical Market Outlook:

The ETH/USD pair has hit the technical support located at the level of $1,887 and bounced towards the level of $2,00, which is a technical resistance for the price. Nevertheless, the bulls were capped at this level and the market reversed towards the level of $1,887 again. So far the lower low was made at the level of $1,867 (at the moment of writing the article). The next obvious target for bears is $1,729.

Weekly Pivot Points:

WR3 - $3,146

WR2 - $2,878

WR1 - $2,557

Weekly Pivot - $2,297

WS1 - $1,962

WS2 - $1,702

WS3 - $1,348

Trading Recommendations:

Ethereum has lost more than 50% of the recent gains from the lows of March 2020 and now is currently in the counter-trend corrective cycle. The next long-term target for bears is seen at the level of $1,728 (61% Fibonacci retracement of the last wave up) and $1,420 ( January 2018 swing high). The up trend is resumed when the level of min. $3,000 is clearly violated.