27.09.202208:57 Forex Analysis & Reviews: Technical Analysis of ETH/USD for September 27, 2022

Crypto Industry News:

The Reserve Bank of Australia started cooperation with the Digital Finance Cooperative Research Center and presented the technical details of the CBDC to be launched on the market. We learned that the work on the pilot version of the digital currency of the country's central bank will be completed by mid-2023.

According to a recent announcement, the RBA released a white paper titled "Australian CBDC Pilot for Digital Finance Innovation" which investigates use cases of an upcoming financial product. To create CBDC, the institution teamed up with the Digital Finance Cooperative Research Center (DFCRC). All this within the framework of a research project that investigated all the technological, legal and regulatory aspects of CBDC.

In addition, the RBA enabled financial industry participants to express their views on the interaction of the digital currency with the national monetary network. Ordinary non-institutional test participants could also evaluate the product and test its application. The entire research process is expected to end in early 2023, and the results are expected to be announced by the middle of next year.

Recall that in September 2021, the Reserve Bank joined forces with the central banks of Malaysia, Singapore and South Africa to test cross-border transactions using CBDC. The Innovation Center of the Bank for International Settlements also participated in the project, supervising the activities of the above-mentioned financial institutions.

Assistant Governor of the Central Bank of Malaysia - Fraziali Ismail - argued that the joint multi-CBDC program "has the potential to leapfrog past payment arrangements and serve as the basis for a more efficient international clearing platform."

Technical Market Outlook:

The Ethereum bulls are trying to extend the bounce from the extremely oversold conditions on the H4 time frame chart. So far the bulls were able to break out from the narrow zone located between the levels of $1,281 - $1,358 and made a local high at the level of $1,393. The momentum is strong and positive on the H4 time frame chart, so the bounce might extend towards the key short-term technical resistance located at $1,407. Nevertheless, the next target for bears is seen at the level of $1,100, $1,000 and $990.

Weekly Pivot Points:

WR3 - $1,352

WR2 - $1,322

WR1 - $1,302

Weekly Pivot - $1,291

WS1 - $1,271

WS2 - $1,260

WS3 - $1,230

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 at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.