Crypto Industry News:
A study by the World Economic Forum and the Global Blockchain Business Council reveals the reasons why the blockchain industry still lacks well-defined standards at a global level.
The study, dubbed the Global Standards Mapping Initiative, noted that the gaps, discrepancies, and overlaps in the standard-setting landscape of the blockchain industry are the greatest challenges facing the industry.
Most of the industry standard setting organizations have shown great interest in some specific areas while completely neglecting others. This causes some sections of the blockchain industry to overlap, leaving a gap in the standardization of other parts.
The interest and scope of standard-setting activities also changed with the hype around technology. Many organizations that set out to set standards during the peak of the blockchain hype have either shut down or haven't produced any reasonable results yet.
According to the report, the five most common areas with overlapping interests are security, Internet of Things, identity, DLT requirements, and DLT terminology.
While there is tremendous interest in setting DLT terminology standards, the study indicates that blockchain terminology around the world remains uncertain. According to the report, consistent definitions and terminologies for the blockchain industry are key to the industry's development.
The study suggests that the blockchain industry still lacks standards that can formally define the suitability of blockchain technology for specific processes. Setting global standards in this regard can help more players assess the potential of a technology for their business and understand its benefits and possible risks.
There are also no formal standards that define the procedure for testing blockchain platforms. As we read in the report, most of the innovation in the industry so far has occurred through industry entities and technical evolution, not through formalization and standardization.
The solution suggests that regulators should become familiar with the technology before setting national or global standards. The report mentions that "the effectiveness of the standards will ultimately come down to a degree of understanding of the technology."
Organizations and regulators conducting closed operations to establish blockchain standards have also caused a lot of confusion.
Technical Market Outlook:
The bearish pressure is clearly visible on the Ethereum, despite the fact that the ETH/USD pair had bounced from the technical support seen at $375.52 and got back to the middle of the range. During this spike down a new low was made at the level of $372.63 and then ETH/USD has been consolidating in a narrow range for some time now as the market participants await for the important breakout continuation. The target for bulls is still seen at the level of $400 and due to the strong and positive momentum they might hit this level soon. The nearest technical resistance is seen at the level of $389.90 and at the swing top at $394.95.
Weekly Pivot Points:
WR3 - $440.56
WR2 - $409.44
WR1 - $39440
Weekly Pivot - $363.37
WS1 - $349.03
WS2 - $317.19
WS3 - $302.61
Trading Recommendations:
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. Moreover, bulls had bounced from the weekly trend line support last week and now are away from it. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.
