Technical Analysis of ETH/USD for October 13, 2023
October 13, 2023 7:27 am
Crypto Industry News:
ARK Invest and 21Shares have filed revised Bitcoin ETF spot fund applications. Observers hope that this time all the SEC’s fears and doubts will be dispelled. Market analysts are optimistic about this move and see it as a good sign.
The amended filing was filed with the U.S. Securities and Exchange Commission (SEC) on October 11. It is known that the application included additional information, such as a description of how the fund will store assets and determine their value. Additionally, the amended filing also clarifies that ETF assets held by Coinbase Custody are held in separate accounts. Therefore, they are not connected to corporate or other customer assets.
The SEC can still bounce the ball, for example by postponing the deadline for considering applications, which we have already seen. Moreover, the amended application has five more pages, so such a move by the SEC should not be a surprise. Therefore, it is better to be patient and not expect a too quick decision, whatever it may ultimately be.
Technical Market Outlook:
The ETH/USD pair has resumed the down move and made a new yearly low at the level of $1,520. Moreover, the bears had broken below the short-term trend line support as well, so this is another indication of how strong the bearish pressure is. The intraday technical resistance is seen at $1,546 and $1,559. The momentum is weak and negative, so the short-term outlook for ETH remains bearish with a potential target seen at the level of $1,369.
Weekly Pivot Points:
WR3 – $1,665
WR2 – $1,638
WR1 – $1,628
Weekly Pivot – $1,622
WS1 – $1,611
WS2 – $1,606
WS3 – $1,589
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:
ARK Invest and 21Shares have filed revised Bitcoin ETF spot fund applications. Observers hope that this time all the SEC’s fears and doubts will be dispelled. Market analysts are optimistic about this move and see it as a good sign.
The amended filing was filed with the U.S. Securities and Exchange Commission (SEC) on October 11. It is known that the application included additional information, such as a description of how the fund will store assets and determine their value. Additionally, the amended filing also clarifies that ETF assets held by Coinbase Custody are held in separate accounts. Therefore, they are not connected to corporate or other customer assets.
The SEC can still bounce the ball, for example by postponing the deadline for considering applications, which we have already seen. Moreover, the amended application has five more pages, so such a move by the SEC should not be a surprise. Therefore, it is better to be patient and not expect a too quick decision, whatever it may ultimately be.
Technical Market Outlook:
The ETH/USD pair has resumed the down move and made a new yearly low at the level of $1,520. Moreover, the bears had broken below the short-term trend line support as well, so this is another indication of how strong the bearish pressure is. The intraday technical resistance is seen at $1,546 and $1,559. The momentum is weak and negative, so the short-term outlook for ETH remains bearish with a potential target seen at the level of $1,369.
Weekly Pivot Points:
WR3 – $1,665
WR2 – $1,638
WR1 – $1,628
Weekly Pivot – $1,622
WS1 – $1,611
WS2 – $1,606
WS3 – $1,589
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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