Crypto Industry News:

European lawmakers are moving forward with the introduction of an EU-wide digital wallet. After the plenary vote on moving the initiative to interinstitutional negotiations, the majority of MEPs supported the draft.

On 15 March, the European Parliament voted in favor of negotiating a mandate for talks with EU Member States on the revision of the new European Digital Identity (eID) framework. According to the official announcement, the plenary vote ended with 418 votes in favor and 103 against, with 24 abstentions.

After being approved in plenary, the EU Council is now ready to start discussing the final wording of the law immediately, MEPs said. Parliament's position in the negotiations will be based on amendments adopted in February by the Committee on Industry, Research and Energy (ITRE).

As previously reported, ITRE has included a zero-knowledge proof standard in its eID amendments, with the aim of giving EU citizens full control over their identification data.

Technical Market Outlook:

The ETH/USD pair has made a temporary top at the level of $1,845 and is consolidation the recent gains. The odds for a correction lower are high as the bulls are temporary under the pressure. The intraday technical support is seen at the level of $1,615. The bulls might use the help of 50 MA seen at $1,619 and 100 MA seen at $1,644 as well as the level of $1,664. The positive momentum on the daily time frame chart supports the short-term bullish bias for ETH.

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.