28.03.2023 08:31 AM
Technical Analysis of ETH/USD for March 28, 2023

Crypto Industry News:

In recent months, US banking institutions have begun to shun the crypto industry as part of what many are calling Operation Chokepoint 2.0. For this reason, some crypto companies opening their headquarters in Asia found support from an unexpected source - Chinese state-owned banks.

According to a report published on Monday, several of China's largest state-owned banks, including Bank of Communications Co., Bank of China Ltd. and Shanghai Pudong Development Bank, have started offering services to crypto companies in Hong Kong. The next are exploring possibilities to do so in the near future.

Banks have begun contacting crypto companies directly in recent months since Hong Kong signaled it would take a more open stance towards the sector and allow cryptocurrency retail trading. The move by the Hong Kong authorities is not an official position of the Chinese government, but it has led to an influx of interest from digital asset companies.

China behind the scenes gave permission to financial institutions to start cooperation with the crypto ecosystem in Hong Kong. Representatives of the Chinese liaison office and other officials regularly participate in regional crypto meetings in order to make beneficial and prospective acquaintances that have a chance to turn into cooperation.

Technical Market Outlook:

The ETH/USD pair has made a new local low at the level of $1,686 and is currently trying to rebound. The next target for bulls is seen at the level of $2,000 (round psychological level), but there is still a long road ahead bulls. The intraday technical support is still seen at the level of $1,713 and the intraday technical resistance is located at $1,800 and $1,764. The momentum remains weak and negative, so the H4 time frame chart short-term outlook remains bearish.

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Weekly Pivot Points:

WR3 - $1,809

WR2 - $1,787

WR1 - $1,773

Weekly Pivot - $1,765

WS1 - $1,751

WS2 - $1,742

WS3 - $1,720

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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