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Crypto Industry News:
The administration of President Joe Biden published an economic report in which it was critical of cryptocurrencies. According to him, these are not an effective alternative to sovereign money such as the US dollar. They have also been called "speculative investment instruments". The administration also expresses concerns about regulatory risks and the potential for illegal use of cryptocurrencies.
The aforementioned report, of course, does not refer only to digital assets. The over 500-page book tells, among other things, about the war in Ukraine, the epidemic, infrastructure and employment statistics in the USA. It is not until page 239 that the report delves into bitcoin and other cryptocurrencies, testing the claims of their proponents and then trying to discredit them.
The report emphasizes that cryptocurrencies are too volatile assets to fulfill the basic functions of money, such as a medium of exchange or holding value. According to the administration, they are limited in acceptance and do not meet the basic rules. It is also emphasized that regulatory risk and illegal use of cryptocurrencies pose a serious threat.
The report also gives an example of the implosion of the Terra network, which poses a serious threat to financial stability. The administration emphasizes that DLT, although it is a significant achievement in computer science, the economic benefits of its use are limited.
The report received a response from the crypto community around the world. Many people think it's too pessimistic. However, there are also those who share the concerns of the Biden administration and believe that cryptocurrencies are too risky and even dangerous for investors.
Technical Market Outlook:
The ETH/USD pair has made a temporary top at the level of $1,845, reversed and started a pull-back. The bulls has been trying to break through this level four time already, but so far no avail. The intraday technical support is seen at the level of $1,727. The bulls might use the help of 50 MA seen at $1,743 and 100 MA seen at $1,636 too. The momentum on the H4 time frame chart is positive again, which supports the short-term bullish outlook for ETH. Once the correction is completed, the up trend should be resumed.
Weekly Pivot Points:
WR3 - $1,857
WR2 - $1,810
WR1 - $1,788
Weekly Pivot - $1,764
WS1 - $1,741
WS2 - $1,717
WS3 - $1,641
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.
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