Crypto Industry News:
The Australian Securities and Investment Commission (ASIC) has identified a sharp increase in investment fraud during the coronavirus pandemic and highlighted cryptocurrency fraud as a particular problem.
According to the published ASIC announcement, between March and May 2020, all types of investment frauds were reportedly increased by 20% compared to the same period in 2019.
Criminals seem to be trying to take advantage of the economic uncertainty many citizens face during the crisis. ASIC Executive Director for Evaluation and Intelligence, Warren Day, warned that scammers "use age-old tactics in new and sophisticated ways."
"ASIC is particularly concerned about the risk of losing funds by consumers and investors when purchasing fake cryptographic assets. Most of the options for investing in crypto assets reported to ASIC seem like a scam and there is no real underlying investment," he added.
Although fraud reports have provided "supervisory information" to the supervisory authority, the announcement warns readers that it is difficult to catch fraudsters - especially those who operate abroad. For this reason, consumers and investors may not be able to recover lost funds. However, ASIC encourages victims to report financial and investment fraud. Typical features of suspicious programs include a number of investment offers presented that sound 'safer than they are,' requests to withdraw money from individuals or companies using multiple or ever-changing bank accounts, or false confirmations from celebrities or public agencies, including ASIC .
Technical Market Outlook:
The ETH/USD pair is trading below the short-term trend line support seen at the level of $230. Moreover, any sustained violation of the nearest technical support located at the level of $225.84 might accelerate the drop towards the next support seen at the level of $217.42. This is the key short-term technical support for bulls, so it might be well defended and some kind of a price bounce should be expected if the price hit this level.
Weekly Pivot Points:
WR3 - $257.09
WR2 - $246.02
WR1 - $2437.53
Weekly Pivot - $227.45
WS1 - $218.65
WS2 - $207.59
WS3 - $198.98
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.
