Technical Analysis of ETH/USD for November 6, 2023
November 6, 2023 9:25 am
Crypto Industry News:
DWS Group, a German company that deals with asset management (currently turnover approximately USD 900 billion), has expressed an initial willingness to enter the cryptocurrency market – it is preparing to introduce ETF funds for retail investors to the European market.
The DWS Group has big ambitions. It plans to join the group of the largest financial institutions that want to enter the cryptocurrency market. The company’s global chief investment officer, Bjoern Jesch, confirmed to DWS that there is an ongoing debate on digital assets, but opinions on the subject are sharply divided within the company. One faction believes that cryptocurrencies have no value, but others point out that bitcoin nevertheless costs around $35,000 today.
The DWS Group has already laid the foundations for its potential cryptocurrency venture by establishing a partnership in April with Galaxy Digital Holdings Ltd., a company that also operates in the asset management market and is applying for its BTC ETF. Both entities are jointly developing a package of ETF funds adapted to the European market.
Technical Market Outlook:
The ETH/USD pair had made a new swing high at the level of $1,911 and then the pull-back started. The next target for bulls is seen at the level of $2,027, but for now the market is consolidating the recent gains around the last high. The intraday technical resistance is seen at $1,900 and the intraday technical support is seen at $1,865. Please notice, that any violation of the level of $1,755 will open the road towards the key technical support seen at $1,520.
Weekly Pivot Points:
WR3 – $2,133
WR2 – $1,988
WR1 – $1,930
Weekly Pivot – $1,852
WS1 – $1,794
WS2 – $1,717
WS3 – $1,584
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
Crypto Industry News:
DWS Group, a German company that deals with asset management (currently turnover approximately USD 900 billion), has expressed an initial willingness to enter the cryptocurrency market – it is preparing to introduce ETF funds for retail investors to the European market.
The DWS Group has big ambitions. It plans to join the group of the largest financial institutions that want to enter the cryptocurrency market. The company’s global chief investment officer, Bjoern Jesch, confirmed to DWS that there is an ongoing debate on digital assets, but opinions on the subject are sharply divided within the company. One faction believes that cryptocurrencies have no value, but others point out that bitcoin nevertheless costs around $35,000 today.
The DWS Group has already laid the foundations for its potential cryptocurrency venture by establishing a partnership in April with Galaxy Digital Holdings Ltd., a company that also operates in the asset management market and is applying for its BTC ETF. Both entities are jointly developing a package of ETF funds adapted to the European market.
Technical Market Outlook:
The ETH/USD pair had made a new swing high at the level of $1,911 and then the pull-back started. The next target for bulls is seen at the level of $2,027, but for now the market is consolidating the recent gains around the last high. The intraday technical resistance is seen at $1,900 and the intraday technical support is seen at $1,865. Please notice, that any violation of the level of $1,755 will open the road towards the key technical support seen at $1,520.
Weekly Pivot Points:
WR3 – $2,133
WR2 – $1,988
WR1 – $1,930
Weekly Pivot – $1,852
WS1 – $1,794
WS2 – $1,717
WS3 – $1,584
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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