Crypto Industry News:

Stablecoin operator Tether plans to release stablecoin supported by a Chinese yuan, according to local industry media.

Bitfinex shareholder Zhao Dong informed the market that Tether - the operator behind the leading USDT stablecoin - plans to release a new stablecoin in the near future. He would be supported by a Chinese yuan kept on foreign accounts under the name CNHT.

Zhao also reportedly said his digital asset management platform, RenrenBit, would be the first to invest in the project. He also pointed out that Tether and Bitfinex cryptocurrency exchange are interrelated and that they have the same management team.

The relationship between Bitfinex and Tether sparked suspicion after an attorney general's office in New York filed a complaint against iFinex, Bitfinex and Tether in April. Prosecutors said companies deceived New York investors by concealing a $ 850 million loss on the Bitfinex trading platform.

Bitfinex and Tether responded to the recent ruling of Judge Joel Cohen in a case pending against companies, maintaining that the allegations are unfounded.

Technical Market Overview:

The bears at the ETH/USD market have pushed the prices lower towards the level of technical support at $183.00 as the price has fallen out of the channel and is trading around the level of $183.00. The next technical support is located at the level of $176.99 and might be tested soon as there are no signs of increased bullish activity. The nearest technical resistance is now located at the level of $190.94.

Weekly Pivot Points:

WR3 - $257.46

WR2 - $236.43

WR1 - $213.67

Weekly Pivot - $193.41

WS1 - $171.74

WS2 - $150.23

WS3 - $128.88

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $238.68 to confirm the resumption of the uptrend.