Crypto Industry News:

Canadian police use Chainalysis Reactor software to help track cryptocurrencies from where they originate to when they are deposited on the exchange.

In this way, law enforcement gained the ability to track blockchain transactions, identify suspects, and determine with extreme precision where funds were deposited.

The collaboration between Chainalysis and the Calgary Police Department began in April 2023. It was then that the company announced the creation of the Western Canada Cryptocurrency Investigations Center, whose activities focused on crimes related to blockchain.

Police officers use a new tool when investigating cybercrimes. Once a platform is identified, officers can request account holder information and transaction details from its owners to see where the cryptocurrency has been sent off the exchange. "Just enter any cryptocurrency address to find out which entity controls the wallet and discover related addresses. The search automatically scans thousands of social forums and darknet sites for open source information.

One of the officers who acts as a blockchain analysis investigator highlighted the importance of the software that has taken police work with crypto crimes to a whole new level. The officer pointed out that law enforcement across Canada was "encountering a roadblock" after discovering a digital asset scam.

According to the manufacturer, Reactor gives users - investigators, compliance officers, analysts and employees of state authorities - practical knowledge on detecting all kinds of cryptocurrency crimes. Software training takes place in small groups and lasts just two days.

Technical Market Outlook:

The ETH/USD pair has made a new local high at the level of $1,874 and then pulled-back towards the moving average located at the level of $1,852. The bulls are consolidating the recent gains and are ready for another spike up. The next intraday technical resistance is seen at the level of $1,888 and $1,903. The market conditions are neutral on the H4 time frame chart as the RSI is approaching the level of fifty, however, the momentum is still strong, so the short-term outlook remains bullish. Only a sustained breakout back below the trend line would change the outlook back to bearish.

Weekly Pivot Points:

WR3 - $1,869

WR2 - $1,850

WR1 - $1,839

Weekly Pivot - $1,830

WS1 - $1,820

WS2 - $1,810

WS3 - $1,791

Trading Outlook:

The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.