21.03.2023 10:05 AM
Technical Analysis of ETH/USD for March 21, 2023

Crypto Industry News:

Huang Tian-mu, chairman of Taiwan's Financial Supervision Commission (FSC), revealed that the agency will become the main cryptocurrency regulator in the island nation, according to local media reports.

Huang made the announcement during Monday's speech to Taiwan's Legislative Yuan, saying that the FSC had received instructions from the government to oversee cryptocurrency payments and transactions.

One of the FSC's main focus will be ensuring that all crypto trading platforms separate the crypto assets they hold from those owned by their customers. This has been a growing area of concern for global regulators since the collapse of FTX, which allegedly scrambled customer funds, ultimately leading to the bankruptcy of the cryptocurrency exchange and significant losses to its depositors.

FSC will also oversee all listed product listings along with other customer protection measures. While it is entrusted with payments and transactions, other industry-related assets, including non-fungible tokens (NFTs), will be handled by the Ministry of Digital Affairs (MODA).

The move is intended to help consolidate and simplify crypto regulation in Taiwan, which is currently overseen by multiple agencies. According to a report by the Central News Agency, Taiwanese lawmakers intend to develop and approve a proper regulatory framework for cryptocurrencies by the end of March or April at the earliest.

Technical Market Outlook:

The ETH/USD pair has made a temporary top at the level of $1,845, reversed and started a corrective-cycle. The intraday technical support is seen at the level of $1,615. The bulls might use the help of 50 MA seen at $1,723 and 100 MA seen at $1,625 as well as the level of $1,664. The momentum on the H4 time frame chart is now negative, which supports the short-term bearish outlook for ETH. Once the correction is completed, the up trend should be resumed.

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Weekly Pivot Points:

WR3 - $1,857

WR2 - $1,810

WR1 - $1,788

Weekly Pivot - $1,764

WS1 - $1,741

WS2 - $1,717

WS3 - $1,641

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.

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