Technical Analysis of ETH/USD for October 26, 2023
October 26, 2023 8:25 am
Crypto Industry News:
The co-creator of the second most popular cryptocurrency on the market, recently answered a number of questions from the Farcaster community. The questions included both those regarding the future of cryptocurrencies and the 29-year-old developer’s opinion on artificial intelligence.
Vitalik Buterin regularly comments on current issues in the technology sector, thanks to which the cryptocurrency community knows how the co-creator of Ethereum thinks. It turns out that Vitalik Buterin is very afraid of the further development of artificial intelligence.
AMA (Ask me Anything) sessions are a great way to get honest information on a given topic from specific developers. Vitalik Buterin often organizes such sessions because he has good contact with the cryptocurrency community and is an active member of it himself. Of course, AMA is also a way to build your own image and the image of your brand or project.
In a recent session organized for users of the decentralized social media platform Farcaster, Buterin answered many questions. Among them, the topic of the future of cryptocurrencies was very common. The co-creator of Ethereum clearly stated that he is afraid of stagnation in the cryptocurrency market. According to him, stagnation would mean that things like privacy and the open structure of the Internet will be forgotten. Buterin indicates that he clearly does not like the current development of cryptocurrencies. The increasing involvement of traditional finance in the digital asset sector increases the risk that cryptocurrencies will be absorbed by the market. Subsequent regulations will make them a kind of CBDC, fully controlled by governments and financial institutions. This will be a complete contradiction of the ideas of Satoshi Nakamoto, the creator of Bitcoin.
It turns out that in addition to the future of cryptocurrencies, Vitalik Buterin is also afraid of artificial intelligence. Of course, it is not about the technology itself, but the vector of its development. Buterin has already published articles several times about the dangers of artificial intelligence. The creator of Ethereum particularly often raises the risk of using AI to steal identities using deepfakes.
However, Buterin positively responded to the idea of the Worldcoin project, which is to provide an effective and anonymous way to verify identity in the world of increasingly popular artificial intelligence. According to Vitalik, the legal framework for AI is moving far too slowly, because the development of artificial intelligence even over the course of 2023 is significant.
Technical Market Outlook:
The ETH/USD pair had retraced 61% of the last wave down as the local high was made at the level of $1,853, but the next target for bulls is seen at the level of $1,874. Currently, the pull-back towards the level of $1,755 had been completed and the market is ready to resume the up move. The intraday technical resistance is seen at $1,853 and the intraday technical support is located at $1,755. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for ETH, however the market conditions are now extremely overbought on the H4 time frame chart. 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 – $1,777
WR2 – $1,729
WR1 – $1,707
Weekly Pivot – $1,681
WS1 – $1,659
WS2 – $1,632
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:
The co-creator of the second most popular cryptocurrency on the market, recently answered a number of questions from the Farcaster community. The questions included both those regarding the future of cryptocurrencies and the 29-year-old developer’s opinion on artificial intelligence.
Vitalik Buterin regularly comments on current issues in the technology sector, thanks to which the cryptocurrency community knows how the co-creator of Ethereum thinks. It turns out that Vitalik Buterin is very afraid of the further development of artificial intelligence.
AMA (Ask me Anything) sessions are a great way to get honest information on a given topic from specific developers. Vitalik Buterin often organizes such sessions because he has good contact with the cryptocurrency community and is an active member of it himself. Of course, AMA is also a way to build your own image and the image of your brand or project.
In a recent session organized for users of the decentralized social media platform Farcaster, Buterin answered many questions. Among them, the topic of the future of cryptocurrencies was very common. The co-creator of Ethereum clearly stated that he is afraid of stagnation in the cryptocurrency market. According to him, stagnation would mean that things like privacy and the open structure of the Internet will be forgotten. Buterin indicates that he clearly does not like the current development of cryptocurrencies. The increasing involvement of traditional finance in the digital asset sector increases the risk that cryptocurrencies will be absorbed by the market. Subsequent regulations will make them a kind of CBDC, fully controlled by governments and financial institutions. This will be a complete contradiction of the ideas of Satoshi Nakamoto, the creator of Bitcoin.
It turns out that in addition to the future of cryptocurrencies, Vitalik Buterin is also afraid of artificial intelligence. Of course, it is not about the technology itself, but the vector of its development. Buterin has already published articles several times about the dangers of artificial intelligence. The creator of Ethereum particularly often raises the risk of using AI to steal identities using deepfakes.
However, Buterin positively responded to the idea of the Worldcoin project, which is to provide an effective and anonymous way to verify identity in the world of increasingly popular artificial intelligence. According to Vitalik, the legal framework for AI is moving far too slowly, because the development of artificial intelligence even over the course of 2023 is significant.
Technical Market Outlook:
The ETH/USD pair had retraced 61% of the last wave down as the local high was made at the level of $1,853, but the next target for bulls is seen at the level of $1,874. Currently, the pull-back towards the level of $1,755 had been completed and the market is ready to resume the up move. The intraday technical resistance is seen at $1,853 and the intraday technical support is located at $1,755. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for ETH, however the market conditions are now extremely overbought on the H4 time frame chart. 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 – $1,777
WR2 – $1,729
WR1 – $1,707
Weekly Pivot – $1,681
WS1 – $1,659
WS2 – $1,632
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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