Crypto Industry News:
Proof of Stake Alliance revealed that it is taking critical steps to improve the regulatory space around the Staking-as-a-Service (STaaS) market, including dialogue with the US Securities and Exchange Commission (SEC).
According to the announcement, POSA met with the SEC to discuss the growing popularity of Proof-of-Stake (PoS) protocols - the successor to the Bitcoin Proof-of-Work Consensus protocol, which is perceived as being more efficient and scalable. Staking allows token holders to earn from blocked amounts of the native network token, which in turn supports overall network performance. POSA submitted a white paper containing a legal analysis of the international law firm Paul Hastings LLP and stated that the "legal analysis" dialogue was ongoing.
Meetings with the SEC took place in February, which educated the agency on PoS technology and discussed the legal framework for STaaS offers. POSA looked at a set of industry standards that anticipate potential regulatory problems, including asking STaaS suppliers to refrain from investment advice, avoiding financial industry terminology (e.g., "interest", "dividend" or "income"), focusing on security and participation in the network, and avoidance of guarantees regarding the size of prizes.
Technical Market Outlook:
The ETH/USD pair has made a new local high located at the level of $205, but there was a Pin Bar candlestick made at the top of the move. Currently, ETH is hovering around the technical resistance located at $198.71 and in a case of violation of this level, the bulls might rally towards the trend line resistance located around the level of $208. The momentum turns to positive, so it supports the short-term bullish outlook.
Weekly Pivot Points:
WR3 - $241.59
WR2 - $228.78
WR1 - $204.66
Weekly Pivot - $191.03
WS1 - $168.45
WS2 - $154.83
WS3 - $130.49
Trading Recommendations:
The fear of the second wave of coronavirus consequences has decreased among the global investors on the financial markets, nevertheless the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. 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.
