empty
 
 

Forex Analysis & Reviews: Technical Analysis of ETH/USD for November 29, 2022
time 29.11.2022 10:22 AM
time Relevance up to, 30.11.2022 10:22 AM

Crypto Industry News:

In June, the President of the European Central Bank (ECB), Christine Lagarde, said that MiCA II, or additional European regulations of the cryptocurrency market, "should regulate activities involving staking and lending of cryptocurrencies." Now she's back on the subject.

Christine Lagarde wants MiCA II

Christine Lagarde once again called the regulation and supervision of cryptocurrencies an "absolute necessity". In her opinion, this process - i.e. market regulation - should accelerate especially after the collapse of the FTX cryptocurrency exchange.

During a November 28 hearing before the European Parliament's Committee on Economic and Monetary Affairs, Lagarde cited Facebook's Libra as an example of the ECB's commitment, which "helped to stop some players" from entering the cryptocurrency market. However, she said that the situation with FTX was more about "stability and reliability of the stock exchange. He adds that the ECB needs to strengthen its role as a regulator to respond to people's growing interest in digital assets.

"At least Europe [on regulation] is ahead of the rest," the ECB president said. "But as I said before, it is one step in the right direction. It's very much needed," she added.

The Cryptocurrency Markets Act (MiCA) is undergoing legal and linguistic verification. The economic committee of the European Parliament approved its framework and assumptions in October - this happened after trilateral negotiations between the EU Council, the European Commission and the European Parliament. Many expect the new EU cryptocurrency policy to take effect from 2024.

Technical Market Outlook:

Despite the fact, that the intraday technical support located at the level of $1,174 had been broken, Ethereum has reversed all the yesterday's losses and is trading back close the recent local high around $1,231. The intraday technical resistance is located at $1,231 and $1,1288. The momentum is back to the positive territory, so the move up is backed up by bulls. Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues and any up move should be considered as the upward correction during the long-term down trend.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $1,253

WR2 - $1,213

WR1 - $1,190

Weekly Pivot - $1,173

WS1 - $1,150

WS2 - $1,133

WS3 - $1,093

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 at the level of $2,029. The key technical support for bulls at $1,281 was broken already and the new yearly low was established at $1,074. If the down move will be extended, then the next target for bears is located at the level of $1,000.

EURUSD
Euro vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In February we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Bitcoin analysis for February 7th, 2023.

Bitcoin has made no real progress since yesterday. Price continues to move sideways around $23,000 as price is hovering above the short-term support trend line at $22,600-$22,700. Short-term oscillators suggest

Alexandros Yfantis 15:47 2023-02-07 UTC+2

Bitcoin consolidates near $23k with falling buying volumes: what to expect next?

The bullish trend of Bitcoin continues to weaken, and the asset is increasingly moving towards consolidation. Over the past two weeks, the cryptocurrency has made three false breakouts above $23k

Artem Petrenko 11:22 2023-02-07 UTC+2

BTC update for February 07,.2023 - Rejection or breakout of trading range

Technical analysis: BTC/USD has been trading sideways at the price of $22.900. Watch for potential rejection or the breakout ot he downside. Trading recommendation: In case of the rejection

Petar Jacimovic 09:45 2023-02-07 UTC+2

Technical Analysis of ETH/USD for February 7, 2023

Crypto Industry News: It has been known for a long time that the police and services often lag behind criminals when it comes to using new technologies. It is possible

Sebastian Seliga 09:09 2023-02-07 UTC+2

Technical Analysis of BTC/USD for February 7, 2023

Crypto Industry News: With the reopening of China's economy after nearly three years of Covid stagnation and paranoia, the HangSeng tech index has surged, and there are many indications that

Sebastian Seliga 09:09 2023-02-07 UTC+2

Elliott wave analysis of Litecoin for February 7, 2023

Litecoin has completed the minor correction from 102.39 and is now headed higher towards the next targets at 104.96 and 107.82. Longer term we continue to look for much higher

Torben Melsted 06:57 2023-02-07 UTC+2

Bitcoin: the week promises to be quiet, but keep an eye on Powell

Bitcoin, unable to climb above $24,000, has rolled back to the support level in the $22,700 area. It can now either recover to last week's highs or break through

Ekaterina Kiseleva 22:55 2023-02-06 UTC+2

Litecoin shows oversold signs again

The price of Litecoin retreated a little in the short term but the bias remains bullish. It's trading at 97.61 at the time of writing. BTC/USD maintains a bullish bias

Ralph Shedler 20:32 2023-02-06 UTC+2

Bitcoin technical analysis for February 6th, 2023.

Bitcoin is trading around $23,000. Price has a small positive slope but it mostly looks like it is moving sideways with no clear upside momentum. Technically trend remains bullish

Alexandros Yfantis 17:25 2023-02-06 UTC+2

Investors' positions divided by strong labor market: why this provoked BTC correction, and what does USD have to do with it?

The bullish trend of Bitcoin, which peaked in mid-January, is gradually ending. With each passing day, there is growing confidence that the $22.9k–$23.4k range will be the final zone within

Artem Petrenko 13:51 2023-02-06 UTC+2
Can't speak right now?
Ask your question in the chat.