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29.03.2023 08:45 AM
Technical Analysis of ETH/USD for March 29, 2023

Crypto Industry News:

Lawmakers in Europe are working hard on regulations that will apply to the cryptocurrency market. However, it is not known when and what will be the final effect of these works. The ability to anonymously store and transact digital assets has already been provisionally regulated. The European Parliament has just voted to impose restrictions on payments made by unverified cryptocurrency users.

According to a press release released by parliament, lawmakers on the Economy and Civil Liberties Committee voted on Tuesday for a new anti-money laundering (AML) and countering the financing of terrorism regulation that aims to impose a $1,000 limit on transactions originating from unverified cryptocurrency wallets.

Entities such as banks, asset managers including crypto assets, real estate and virtual agents, and high-level professional football clubs will be required to verify the identity of their clients, what they own and who controls the company.

"They will also have to identify the specific risks of money laundering and terrorist financing in their sector of activity and report the relevant information to the central register."

The introduced limit is part of the review of EU AML rules. The plans were considered alongside other measures to restrict businesses from accepting large cash payments from anonymous sources.

Technical Market Outlook:

The ETH/USD pair has rebounded from the local low made at the level of $1,686 and is moving higher. 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 is strong and positive on the H4 time frame chart, so the short-term outlook for ETH remains bullish.

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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.

Sebastian Seliga,
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