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Crypto Industry News:
The race to bring the world's first CBDC to full scale is in full swing. One of the leading countries in this is India. Others are, of course, China, or recently Australia. In the case of India, however, we are talking about a potential addition to the financial system with a digital rupee, not a full replacement of its traditional, physical form.
Some time ago we received information that the said country is keenly interested in introducing the digital currency of its country. After extensively testing the new currency system of the Central Bank of India, preparations are now underway to pilot a digital rupee program for retail customers. According to media reports, the CBDC is already at the final stage of preparations for its introduction. Among the main stakeholders are, for example, State Bank of India, Bank of Baroda, Union Bank of India or HDFC and IDFC Banks. Currently, there are discussions about whether all commercial banks will eventually be covered by the new system.
Technical Market Outlook:
The Ethereum market has made a Double Bottom price pattern on the H4 time frame chart and is bouncing from the sell-off low seen at $1,073. The bulls has managed to extend the bounce towards the level of $1,198 and are still moving higher. Nevertheless, the bearish pressure is still strong, so in a case of extension to the downside the next target is seen at $999. The intraday technical resistance is located at $1,213 and $1,1219. The momentum is moving away from the extremely oversold conditions on the H4 time frame chart, so the odds for a strong bounce are high. Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues.
Weekly Pivot Points:
WR3 - $1,198
WR2 - $1,151
WR1 - $1,143
Weekly Pivot - $1,125
WS1 - $1,110
WS2 - $1,092
WS3 - $1,059
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 at $1,281 was broken already. If the down move will be extended, then the next target for bears is located at the level of $1,000.
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