13.07.202209:49 Forex Analysis & Reviews: Technical Analysis of ETH/USD for July 13, 2022

Crypto Industry News:

On Tuesday, the U.S. Treasury Department announced the launch of a public consultation on President Joe Biden's Digital Asset Executive Order.

"For consumers, digital assets can bring potential benefits, such as faster payments, as well as potential risks, including the risk of fraud," said Nellie Liang, Treasury Undersecretary of National Finance. "The Treasury Department seeks to tap into the knowledge of Americans and market participants by asking for public comments when we engage in this important work," she added.

The "Ensuring Responsible Development of Digital Assets" ordinance was signed by Biden on March 9 and set the goals of US policy on digital assets such as bitcoin, ether and stablecoins. The president asked a number of government agencies to start looking at the issue.

Now begins the public consultation phase, which will last until August 8.

Along with the policy objectives, Biden instructed government agencies, including the Environmental Protection Agency, to submit topic reports to him within 180 days of issuing his ordinance. Officials are expected to investigate the environmental impact of cryptocurrencies and blockchain consensus mechanisms such as Proof of Work and Proof of Stake on the country's energy consumption.

California Governor Gavin Newsom signed a similar decree in May ordering state agencies to investigate the cryptocurrency market and recommend ways to incorporate them into state management systems.

Technical Market Outlook:

The ETH/USD pair had broken out of the ascending channel and made a new local low at the level of $1,034. The intraday technical supports are seen on the levels of $1,027 and $1,000. The larger time frame trend remains down and as long as the key short-term technical resistance, located at the level of $1,280, is not clearly violated, the outlook remains bearish.

Weekly Pivot Points:

WR3 - $1,466

WR2 - $1,412

WR1 - $1,321

Weekly Pivot - $1,181

WS1 - $1,090

WS2 - $950

WS3 - $718

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 $1,420 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 levels below $1,000, like the last swing low seen at $880. Please notice, the down trend is being continued for the 12th consecutive week now.