Technical Analysis of ETH/USD for September 6, 2023
September 6, 2023 9:26 am
Crypto Industry News:
One of the largest and oldest stock exchanges in the world focuses on innovation and the implementation of modern technologies. The London Stock Exchange intends to create a blockchain-based platform.
Blockchain technology is most associated with cryptocurrencies because it lies at their foundation. It is worth noting, however, that the blockchain has a very wide application, as evidenced by subsequent projects trying to adapt this technology. A good example is the giant of the financial sector, i.e. SWIFT, which is trying to tokenize many assets using Chainlink.
The new LSE entity will offer trading of traditional assets using blockchain technology. LSE will conduct its initial tests in private sectors.
The breakthrough project was announced by Murray Roos, head of capital markets in the LSE group. After almost a year of analyzing the possibilities of blockchain technology and its application, the company is ready to accelerate its plan. The London Stock Exchange wants to create a separate legal entity. It will be a blockchain-powered platform that will enable the trading of traditional financial assets.
LSE emphasizes that their new creation will have nothing to do with cryptocurrencies. The only common thing is the use of blockchain technology. The implementation of the project is scheduled to start in 2024. Before that, it will be necessary to obtain appropriate regulatory permits. Discussions are currently underway with regulators in various jurisdictions. Moreover, the most important and decisive talks are held with the government and the Kingdom Treasury.
Technical Market Outlook:
The ETH/USD pair has made a new local low at the level of $1,629, which is just $8 away from the first key technical support. Since then the ETH has been seen trading in a narrow range, but the bearish pressure is visibly increasing. The momentum is again weak and negative, so the short-term outlook for ETH remains bearish. The intraday technical resistance is seen at the level of $1,645 and the next technical support levels are located at $1,621, $1,579 and $1,525.
Weekly Pivot Points:
WR3 – $1,640
WR2 – $1,648
WR1 – $1,642
Weekly Pivot – $1,635
WS1 – $1,629
WS2 – $1,623
WS3 – $1,610
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:
One of the largest and oldest stock exchanges in the world focuses on innovation and the implementation of modern technologies. The London Stock Exchange intends to create a blockchain-based platform.
Blockchain technology is most associated with cryptocurrencies because it lies at their foundation. It is worth noting, however, that the blockchain has a very wide application, as evidenced by subsequent projects trying to adapt this technology. A good example is the giant of the financial sector, i.e. SWIFT, which is trying to tokenize many assets using Chainlink.
The new LSE entity will offer trading of traditional assets using blockchain technology. LSE will conduct its initial tests in private sectors.
The breakthrough project was announced by Murray Roos, head of capital markets in the LSE group. After almost a year of analyzing the possibilities of blockchain technology and its application, the company is ready to accelerate its plan. The London Stock Exchange wants to create a separate legal entity. It will be a blockchain-powered platform that will enable the trading of traditional financial assets.
LSE emphasizes that their new creation will have nothing to do with cryptocurrencies. The only common thing is the use of blockchain technology. The implementation of the project is scheduled to start in 2024. Before that, it will be necessary to obtain appropriate regulatory permits. Discussions are currently underway with regulators in various jurisdictions. Moreover, the most important and decisive talks are held with the government and the Kingdom Treasury.
Technical Market Outlook:
The ETH/USD pair has made a new local low at the level of $1,629, which is just $8 away from the first key technical support. Since then the ETH has been seen trading in a narrow range, but the bearish pressure is visibly increasing. The momentum is again weak and negative, so the short-term outlook for ETH remains bearish. The intraday technical resistance is seen at the level of $1,645 and the next technical support levels are located at $1,621, $1,579 and $1,525.
Weekly Pivot Points:
WR3 – $1,640
WR2 – $1,648
WR1 – $1,642
Weekly Pivot – $1,635
WS1 – $1,629
WS2 – $1,623
WS3 – $1,610
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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