30.10.202309:25 Forex Analysis & Reviews: Technical Analysis of ETH/USD for October 30, 2023

Crypto Industry News:

U.S. Deputy Treasury Secretary Wally Adeyemo confirmed in a speech on Friday that cryptocurrencies play a significant but still relatively small role in global terrorism financing operations. His words clearly contrast with the claims of congressmen earlier this month, who stated that Hamas had been supported with as much as USD 130 million using cryptocurrencies.

Adeyomo said that cryptocurrencies are not a tool for terrorists that helps finance their activities.

"What we know about terrorist groups and those who want to transfer money illegally is that they intend to use any new technology to do so," he added, but suggested that Hamas' use of cryptocurrencies could increase in the future. He also declared that the US intends to prevent this, of course.

His comments echo the conclusions of Treasury reports last year, which acknowledged that the use of cryptocurrencies for money laundering "remains significantly lower than for fiat currencies and more traditional methods."

The official's statement also touched on the topic of cryptocurrency companies. He pointed out that while most industry players still strive to comply with the law, some "want to innovate regardless of the consequences."

"We will use every tool at our disposal to pursue any person or platform that facilitates terrorist financing," Adeymo added.

On October 17, over 100 members of Congress asked the White House to take action to stop the financing of terrorism using bitcoin and altcoins. They claimed that so far only a "small percentage" of cryptocurrencies transferred to Hamas and ISIS wallets have been intercepted.

Technical Market Outlook:

The ETH/USD pair has been seen consolidating the recent gains inside a narrow zone located between the levels of $1,755 - $1,810. The next target for bulls is seen at the level of $1,874, but currently, the bears are again testing the local technical support seen at the level of $1,755. The intraday technical resistance is seen at $1,853. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for ETH, however the market is coming off the extremely overbought conditions. Any violation of the level of $1,755 will open the road towards the key technical support seen at $1,520.

Weekly Pivot Points:

WR3 - $1,825

WR2 - $1,805

WR1 - $1,794

Weekly Pivot - $1,784

WS1 - $1,773

WS2 - $1,764

WS3 - $1,746

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.