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Forex Analysis & Reviews: Technical Analysis of ETH/USD for December 5, 2022
time 05.12.2022 10:31 AM
time Relevance up to, 06.12.2022 10:31 AM

Crypto Industry News:

Sandy Kaul, a senior manager at Franklin Templeton, a $1.5 trillion wealth management company, believes that ETH staking opens up significant opportunities for institutions looking at the cryptocurrency market. In her opinion, this feature can become a trigger for mass adoption among institutions:

"Let me say this, keep your eyes peeled for this area because he has seen some powerful products that will fill exactly the niche you are talking about."

The asset management expert further says that the growth of the cryptocurrency industry reminds her of the area of hedge funds in the 2000s. Then the institutions literally rushed to market sell-offs to take the best positions and take control of the market.

"I believe what happened in the hedge fund industry up to and after 2008 can be very illuminating in this situation (regarding the cryptocurrency market). We saw $2 trillion worth of assets flowing in over 3 years. That is a huge influx of money, bringing the industry closer to $3 trillion, which is roughly the level that the digital asset industry reached during the last bull market," says Sandy Kaul.

According to the expert, what is happening now is a real revolution of the basic investment base. What was happening in the hedge fund market then and what is happening in the cryptocurrency industry now is the same kind of upheaval. You can also see that institutional money is slowly replacing the funds of retail investors that the latter are pulling out of the market. Thus, funds and institutions are slowly but steadily responsible for an increasing percentage of the cryptocurrency market.

Technical Market Outlook:

The Ethereum cryptocurrency has made the recent local high at the level of $1,308 in extremely overbought conditions, so a pull-back towards the level of $1,236 was made. Currently, the bulls are again trying to resume the rally. The intraday technical resistance is located at $1,305, but the next target for bulls is seen at $1,343. The momentum is again strong and positive on the H4 time frame chart, so the short-term outlook remains bullish. 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.

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Weekly Pivot Points:

WR3 - $1,345

WR2 - $1,317

WR1 - $1,305

Weekly Pivot - $1,289

WS1 - $1,277

WS2 - $1,261

WS3 - $1,233

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.

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