Crypto Industry News:

Ripple's CEO Brad Garlinghouse has given his thoughts on the state of the cryptocurrency market and regulations, and it seems his resentment about the financial regulator's approach to Ethereum has surfaced.

Speaking at the DC Fintech Week virtual conference, Ripple's CEO stated that Ethereum had received a regulatory green light that allowed him to overtake his company's XRP token.

The US Securities and Exchange Commission (SEC) has sued Ripple that XRP is an unregistered security. In January, Ripple filed a petition with the SEC for the Freedom of Information Act, demanding an explanation as to why it did not recognize ETH as a security. Six months later, in July, the district judge allowed the company to fire a former SEC official who declared in 2018 that the ETH was not a security.

Garlinghouse clearly feels that his company has been thrown at its feet, and Ethereum's subsequent success is due, at least in part, to a more favorable treatment by the SEC.

XRP was the second largest crypto asset in terms of market capitalization at the end of December 2017. It has now relegated to seventh place, while Ethereum has been ranked second since then.

Technical Market Outlook

The ETH/USD pair had bounced from the technical support seen at the level of $3,971 and is about to test the local technical resistance seen at $4,204. The next target for bulls is seen at the last ATH located at $4,369 and above. The positive momentum supports the short-term bullish outlook for ETH and the larger time frame trend is still up.

Weekly Pivot Points:

WR3 - $5,099

WR2 - $4,706

WR1 - $4,412

Weekly Pivot - $4,017

WS1 - $3,701

WS2 - $3,313

WS3 - $2,969

Trading Outlook:

The next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls. The level of $3,677 is the key mid-term technical support for bulls.