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Crypto Industry News:
Two giants in the traditional world of finance and payments, JPMorgan and Visa, have announced a new partnership that will focus on improving cross-border payments by leveraging their private Liink and B2B Connect blockchain networks.
Liink is a network created by JPMorgan that has been designed specifically for cross-border transfers. It is offered as part of the Onyx bank's blockchain and payments initiative, which provides institutions with a platform to validate transactions and share financial information.
B2B Connect was created by Visa to serve as a cross-border payment product for financial institutions and corporate clients. B2B Connect is also integrated with Onyx's Confirm, which is an account information verification product that verifies that the information provided by users is correct and valid.
According to Onyx, Confirm is able to verify over 2 billion bank accounts from 3,500 financial institutions. The main goal of the platform is to help reduce unsuccessful payments that are costing the global economy $ 188 billion a year. It is estimated that 66% of failed payments are the result of incorrect account information.
B2B Connect has integrated with Confirm to assist with the account verification process. This company was launched in a pilot mode by JPMorgan in 2021. The company recently registered Deutsche Bank as a product founder member in Europe, Middle East and Africa (EMEA).
Technical Market Outlook:
The ETH/USD pair has been seen bouncing again from the demand zone located between the levels of $1,281 - $1,255, however this bounce was terminated just under the 30 periods moving average. The larger time frame target for bears is seen at the level of $1,100, $1,000 and $990, which means the low from 22th September located at $1,220 should be broken as the down trend will continue. The intraday technical resistance is seen at $1,305 and $1,326 (30 MA). The weak and negative momentum supports the short-term bearish outlook for ETH.
Weekly Pivot Points:
WR3 - $1,369
WR2 - $1,346
WR1 - $1,333
Weekly Pivot - $1,322
WS1 - $1,309
WS2 - $1,299
WS3 - $1,275
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.
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