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Crypto Industry News:
During a JP Morgan Chase phone call on Q4 2020 results, CEO Jamie Dimon and CFO Jennifer Piepszak discussed the recent OCC approval of banks using stablecoins for payments, as well as whether the approval would have any impact on JPM Coin's development.
During some of the questions and answers, Portales Partners analyst Charles Peabody asked for OCC's consent to banks using public Blockchain networks for payments.
"These tips make it possible to offer a stable operation on the public Blockchain chain. So it does not affect JPM coin. About JPM coin, you should think of it as tokenization of our clients' deposits" - replied JPM CFO Jennifer Piepszak.
However, she did not rule out the possibility of JPM-backed stablecoin if customers show interest: "So of course it is very early. We will evaluate use cases and - and customer requirements, but it's too early to see what that means for us".
JPM CEO Jamie Dimon also quickly joined in and mentioned that the bank is "already using Blockchain technology to share data with banks, so we're at the forefront of what's good."
JPM Coin, which debuted in October 2020, is largely used in the back-end of JPM payment systems, helping to clear nearly $ 6 trillion in payments on a daily basis. During the conversation, Piepszak also described the JPM Coin project as "tokenising deposits to make payments easier for the customer." Ultimately, Dimon seemed to suggest that clearing crypto payments won't significantly change the way JPM works.
Technical Market Outlook:
The ETH/USD pair has tested the recent swing high seen at the level of $1,348. The momentum remains strong and positive, so the bulls might try to break through the recent swing high and rally towards the level of $1,400. The immediate technical support is seen at the level of $1,300. Please notice, the market keeps moving inside of the ascending channel, so any break out of the channel might accelerate the rally.
Weekly Pivot Points:
WR3 - $1,800
WR2 - $1,551
WR1 - $1,448
Weekly Pivot - $1,183
WS1 - $1,077
WS2 - $810
WS3 - $699
Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,420, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.
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