29.07.202211:08 Forex Analysis & Reviews: Technical Analysis of ETH/USD for July 29, 2022

Crypto Industry News:

The huge number of people losing their property during the turmoil on the crypto market in recent months has attracted the attention of not only journalists but also politicians. US Senator Sherrod Brown (chairman of the Senate banking regulation committee) demanded explanations from two leading American companies - Apple and Alphabet (Google) - for explanations about how to control the programs available in their application stores that enable cryptocurrency trading.

According to the statistics presented by the commission, 95% of online cryptocurrency frauds are carried out through applications available on the Google Play Store and Apple App Store. In its application, the committee asks for detailed explanations of the steps taken before the application is admitted to the store. Additionally, it was asked to explain how the entities that launch such applications are audited and how users of IOS and Android systems are protected against fraudulent applications.

The debate started by Senator Brown is important because it largely concerns areas not fully codified by American law. Possible legislative moves resulting from the commission's actions may be of great importance for the entire cryptocurrency sector, including what many investors fear - the next step towards full supervision over cryptocurrency trading.

Technical Market Outlook:

The ETH/USD pair had broken above the supply zone located between the levels of $1,629 - $1,718 and made a new local high at the level of $1,783. Due to the extremely overbought market conditions the bulls are taking a pause during the rally and pull-back is on the way towards the technical support seen at $1,629. Please keep an eye on the weekly and monthly close during the weekend.

Weekly Pivot Points:

WR3 - $1,776

WR2 - $1,660

WR1 - $1,592

Weekly Pivot - $1,545

WS1 - $1,476

WS2 - $1,429

WS3 - $1,313

Trading Outlook:

After the 13 consecutive weekly down candles on Ethereum, the down trend might have been terminated at the level of $880. 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, but the bulls had managed to increase the price of ETH by 90% so far. The next target for bulls is seen at the level of $1,710 and $1,954.