09.06.202214:32 Forex Analysis & Reviews: Technical Analysis of ETH/USD for June 9, 2022

Crypto Industry News:

The Bermuda government continues its ambitious plans to become a cryptocurrency hub despite the huge slowdown in the market in 2022.

According to Bermuda's Economy and Labor Minister Jason Hayward, a small territory known for its pristine pink sand beaches and attractive tax policies has been actively developing its crypto sector since 2017.

On June 3, he noted that the government remained unmoved by the recent crash caused by the collapse of the Terra ecosystem, as the market had survived a lot since 2017.

In an interview with the media, Hayward identified the experience of the economy and local regulators in dealing with foreign businesses as a key factor that will help Bermuda become a cryptographic hub. He also stated that the stock market crash would not prevent the plans from being implemented:

"We are aware of the recent devaluation of cryptocurrency prices and we are convinced that this does not threaten the island's ability to become a cryptocurrency hub," he said.

So far, the Bermuda Monetary Authority has awarded a total of 14 licenses to crypto companies to operate outside the British Isle, four of which were approved in 2022, noted Crag Swan, chief executive of UMB.

Technical Market Outlook:

The down trend on the ETH/USD pair is still intact as the bears are approaching the last week low located at the level of $1,701.The bearish pressure increases, so in a case of a breakout lower, the next target for bears is seen at the level of $1,420. In order to terminate the down trend, the bulls must break through the key short-term technical resistance located at the level of $2,199. The nearest technical resistance is located at $1,863 and $1,916.

Weekly Pivot Points:

WR3 - $2,200

WR2 - $2,120

WR1 - $1,939

Weekly Pivot - $1,827

WS1 - $1,666

WS2 - $1,570

WS3 - $1,388

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames had broken below the key long term technical support seen at the level of $2,000 and bears continue to make new lower lows with no problem whatsoever. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next target for bears is located at the level of $1,420.