Technical Analysis of ETH/USD for June 16, 2023
June 16, 2023 9:24 amVideo
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Crypto Industry News:
According to media reports, the BlackRock fund is close to applying for a Bitcoin ETF. However, it is not clear whether it will be a spot fund or another futures ETF. The latter case would probably have a marginal impact on the market, but it could also be treated as a signal.
The move by BlackRock is quite fascinating – it comes as a regulatory battle rages on in the US. Of course, if the fund decided to take such a step, it must see it as profitable. And to see the likelihood of success – otherwise he wouldn’t have bothered to apply. Will the SEC accept BlackRock’s request amid fears of total crypto censorship in the US? Perhaps BlackRock has some leaks?
The world’s largest asset management fund will use Coinbase Custody. It is a solution for corporations for offline storage of digital assets. Addressed to ETFs and spot market data used to set prices. It is worth noting that Bitcoin is a commodity – both according to the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC). Therefore, regulatory uncertainty does not fully apply to it. So far, the SEC has consistently rejected all ETF applications. They came from many, also very large, investment funds, e.g. Fidelity.
Technical Market Outlook:
The ETH/USD pair has made a new swing low at the level of $1,620 and tested the technical support located at $1,616. The bounce from the support was so far very shallow as the nearest technical resistance located at the level of $1,720 has not been tested yet. This level will now act as the technical resistance for bulls. The next target for bears is seen at the level of $1,489. The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for ETH despite the extremely oversold market conditions on the lower time frames.
Weekly Pivot Points:
WR3 – $1,807
WR2 – $1,771
WR1 – $1,754
Weekly Pivot – $1,736
WS1 – $1,719
WS2 – $1,701
WS3 – $1,666
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 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
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