29.11.202210:22 Forex Analysis & Reviews: Technical Analysis of ETH/USD for November 29, 2022

Crypto Industry News:

In June, the President of the European Central Bank (ECB), Christine Lagarde, said that MiCA II, or additional European regulations of the cryptocurrency market, "should regulate activities involving staking and lending of cryptocurrencies." Now she's back on the subject.

Christine Lagarde wants MiCA II

Christine Lagarde once again called the regulation and supervision of cryptocurrencies an "absolute necessity". In her opinion, this process - i.e. market regulation - should accelerate especially after the collapse of the FTX cryptocurrency exchange.

During a November 28 hearing before the European Parliament's Committee on Economic and Monetary Affairs, Lagarde cited Facebook's Libra as an example of the ECB's commitment, which "helped to stop some players" from entering the cryptocurrency market. However, she said that the situation with FTX was more about "stability and reliability of the stock exchange. He adds that the ECB needs to strengthen its role as a regulator to respond to people's growing interest in digital assets.

"At least Europe [on regulation] is ahead of the rest," the ECB president said. "But as I said before, it is one step in the right direction. It's very much needed," she added.

The Cryptocurrency Markets Act (MiCA) is undergoing legal and linguistic verification. The economic committee of the European Parliament approved its framework and assumptions in October - this happened after trilateral negotiations between the EU Council, the European Commission and the European Parliament. Many expect the new EU cryptocurrency policy to take effect from 2024.

Technical Market Outlook:

Despite the fact, that the intraday technical support located at the level of $1,174 had been broken, Ethereum has reversed all the yesterday's losses and is trading back close the recent local high around $1,231. The intraday technical resistance is located at $1,231 and $1,1288. The momentum is back to the positive territory, so the move up is backed up by bulls. Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues and any up move should be considered as the upward correction during the long-term down trend.

Weekly Pivot Points:

WR3 - $1,253

WR2 - $1,213

WR1 - $1,190

Weekly Pivot - $1,173

WS1 - $1,150

WS2 - $1,133

WS3 - $1,093

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 and the new yearly low was established at $1,074. If the down move will be extended, then the next target for bears is located at the level of $1,000.