16.12.202211:52 Forex Analysis & Reviews: Technical Analysis of ETH/USD for December 16, 2022

Crypto Industry News:

Microsoft has updated the terms of its policies to highlight that it does not allow cryptocurrency mining on its online services without prior approval. The update went live on December 1 and applies to all users, including paid Microsoft customers. In the "Terms of use" section, Microsoft wrote that it requires users to obtain the company's written pre-approval in order to use any Microsoft Online Services for cryptocurrency mining.

It seems that the only time a company would give written approval is for the "Testing and Investigating for Security Detection" purpose.

The update prohibits users from mining and adding transaction records to proof-of-work blockchains on Microsoft's online services, largely related to the Microsoft Azure platform.

Microsoft has reportedly said that its latest cryptocurrency mining restrictions are designed to protect online services from threats such as cyber fraud, attacks, and unauthorized access to customer resources.

Technical Market Outlook:

The Ethereum cryptocurrency has made a new local high at the level of $1,350. This is the key short-term technical resistance for bulls, so in order to continue the up move the bulls need to break through towards $1,400. The bulls were rejected from this level towards the 100 SMA on the H4 time frame chart. The level of $1,308 will act as the technical support, so please keep an eye on this level. The momentum is weak and negative already, so the corrective cycle might extend towards the technical support located at $1,240.

Weekly Pivot Points:

WR3 - $1,291

WR2 - $1,269

WR1 - $1,257

Weekly Pivot - $1,248

WS1 - $1,235

WS2 - $1,226

WS3 - $1,204

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.