Crypto Industry News:

John McAfee is an undoubtedly controversial figure who rarely goes unnoticed. No wonder he sold the rights to document his life story. He also left a significant mark on the cryptocurrency market, the echo of which has recently returned to him with extraordinary force.

More specifically, the situation escalated earlier this year, when the US Department of Justice brought an official indictment against McAfee and his adviser Jimmy Watson Jr. The authorities accused them of several different plots to commit pump & dump scams and money laundering.

The creator of the antivirus program initially referred to the charges against him as "exaggerated". Moreover, he stated that he currently no longer has any money invested in digital assets. As recently as yesterday, he repeated his position, pointing out that all of his cryptocurrency fortune had "melted into the many hands of the McAfee team."

McAfee was arrested at Barcelona airport in early October to board a plane to Istanbul with a British passport. US federal prosecutors released a bill of indictment against him in October on allegations that he had evaded taxes and had intentionally failed to file a declaration in this regard.

This came shortly after the Securities and Exchange Commission revealed that it had brought civil charges against McAfee, claiming to have earned more than $ 23.1 million in undisclosed income from false and misleading cryptocurrency endorsements.

Technical Market Outlook:

The ETH/USD pair has been rejected from the level of $2,639, which is located just above the 61% Fibonacci retracement and since then keep going down. The new local low was made at the level of $2,303 and the bounce from this level is still shallow. The nearest technical resistance is seen at the level of $2,453 and the next target for bears is seen at the level of $2,249 (June 12 low). The weak and negative momentum support the short-term bearish outlook for ETH.

Weekly Pivot Points:

WR3 - $3,393

WR2 - $3,098

WR1 - $2,806

Weekly Pivot - $2,528

WS1 - $2,226

WS2 - $1,922

WS3 - $1,648

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.