Altcoins: ETH/USD — Technical Analysis (Ethereum To US Dollar)

Relevance up to 09:00 2022-07-16 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Crypto Industry News:

Navin Jain, director of Mastercard Indonesia, said Mastercard will support Fasset’s efforts to promote financial integration in the country.

Financial services company Mastercard has partnered with crypto gateway provider Fasset to jointly develop digital solutions that can drive adoption in Indonesia. The cooperation is aimed at expanding financial integration in the country and expanding the possibilities of the local economy.

In a release, Navin Jain, national director of Mastercard Indonesia, said the collaboration would support Fasset’s efforts to foster financial integration in the country. According to Jain, the partnership will help residents gain greater access to digital technology.

Hendra Suryakusuma, director of Fasset, said there are 92 million people in Indonesia who do not have a bank account. Fasset and Mastercard will fill this gap, according to Suryakusuma, to ensure better access to digital financial services.

Technical Market Outlook:

The ETH/USD pair is back inside the channel and the bulls really want to test the supply zone located between the levels of $1,255 — $1,281. The momentum is at the level of 50 points already, so the bulls might soon break back inside the positive territory as well. The intraday technical support is seen on the level of $1,071 and $1,114. The larger time frame trend remains down and as long as the key short-term technical resistance, located at the level of $1,281, is not clearly violated, the outlook remains bearish.

Weekly Pivot Points:

WR3 — $1,466

WR2 — $1,412

WR1 — $1,321

Weekly Pivot — $1,181

WS1 — $1,090

WS2 — $950

WS3 — $718

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames had broken below the key long term technical support seen at the level of $1,420 and bears continue to make new lower lows with no problem whatsoever. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next target for bears is located at the levels below $1,000, like the last swing low seen at $880. Please notice, the down trend is being continued for the 12th consecutive week now.

Read more: https://www.instaforex.eu/forex_analysis/284644

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