Crypto Industry News:
The six major central banks will meet in April to discuss the development of the Central Bank's Digital Currencies (CBDC), according to media sources. During the meeting, the governors of several central banks will discuss joint research on CBDC. In addition, the group will share thoughts on possible challenges such as currency accounting and cyber security.
Central banks of the European Union, Great Britain, Canada, Japan, Sweden and Switzerland are said to meet in Washington when participants are there at the International Monetary Fund conference.
The meeting appears to be part of the recently announced wider cooperation between the involved central banks. In January, the Bank of England announced that it would investigate CBDC with the other central banks mentioned above and the Bank for International Settlements. According to The Japan Times, institutions will probably publish a discussion report this year.
After the announcement of Stablecoin Libra Facebook last summer, many central banks started work or accelerated research on digital currencies. At the end of January, a draft Indian strategy for Blockchain technology suggested the development of a local CBDC.
Policy makers and financial institutions around the world are increasing CBDC research efforts. Last month, the World Economic Forum formed a consortium to develop a digital currency management framework.
Technical Market Overview:
The ETH/USD pair are way above the $200 price mark as the recent wave up has hit the level of $215.30 (as anticipated in the previous analysis). Moreover, the price has broken out of the ascending channel, so the rally might accelerate now towards the next target seen at the level of $221.50. The nearest technical support is seen at the level of $196.81. The momentum still green and positive and so far there are no indications of a possible trend change at the H4 timeframe chart, but the market conditions are now extremely overbought.
Weekly Pivot Points:
WR3 - $231.75
WR2 - $211.10
WR1 - $202.50
Weekly Pivot - $183.58
WS1 - $174.98
WS2 - $155.68
WS3 - $147.65
Trading Recommendations:
There is a possibility that the wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.
