16.11.202211:32 Forex Analysis & Reviews: Technical Analysis of ETH/USD for November 16, 2022

Crypto Industry News:

While the eyes of the entire cryptocurrency world have recently turned to the stench caused by the demise of FTX, the work on introducing the biggest nemesis of supporters of financial freedom and anonymity, the infamous Central Bank Digital Currency (CBDC) is in full swing. According to information published by the media, the largest banking giants (including Citigroup Inc, HSBC Holdings, Mastercard, Wells Fargo) in partnership with the New York branch of the FED are just starting a 12-week pilot CBDC program.

According to information from representatives of the Innovation Center at the New York branch of the Federal Reserve Bank, the project is referred to as a working "regulated accountability network" and will be carried out in a test environment using simulated data.

The official goal of the pilot program is to test whether banks will be able to accelerate payments using digital dollar tokens in a common database. Recently, the head of the New York Fed's market group, a certain Michelle Neal, admitted that the possibilities of speeding up the time of settlement in the foreign exchange markets thanks to CBDC look "really promising".

Technical Market Outlook:

The Ethereum market has been seen consolidating in a narrow range located between the levels of $1,219 - $1,281 as the traders await for a trigger of the next wave up or down. So far the bulls retraced above 38% of the last wave down and been capped at the local high seen at $1,347. The intraday technical support is seen at $1,219, $1,191 and $1,170 (H4 Pin Bar low). The intraday technical resistance is located at $1,281 and $1,343. Momentum on the H4 time frame chart remains bouncing up and down around the neutral level of fifty.

Weekly Pivot Points:

WR3 - $1,247

WR2 - $1,237

WR1 - $1,231

Weekly Pivot - $1,227

WS1 - $1,221

WS2 - $1,217

WS3 - $1,207

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 at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.