Crypto Industry News:
The US payment giant PayPal is exploring opportunities to offer stock trading after launching cryptocurrency trading services last year.
PayPal wants to buy or work with a financial giant to be able to launch its own stock trading service. The purpose of such decisions is to compete with rivals such as the cryptocurrency-friendly app Robinhood, US media speculate.
Citing anonymous sources, the media report notes that PayPal has held discussions with potential industry players, but is unlikely to launch a new service this year. It may take over eight months for PayPal to be potentially approved as a brokerage firm by the Financial Industry Regulatory Authority.
As part of the alleged plan, the payment giant has already hired brokerage veteran Rich Hagen as the new CEO of a division known as Invest in PayPal. According to Hagen's LinkedIn data, the director will be responsible for "PayPal's efforts to explore opportunities in the consumer investment industry."
Hagen is the co-founder and former CEO of Ally Invest, a regulated brokerage firm that acquired the online brokerage firm TradeKing in 2016. The new director of PayPal was also president of TradeKing.
PayPal officials said the company's potential plan to introduce an equity trading service is in line with CEO Dan Schulman's long-term vision to embrace many more financial services, including "investment opportunities". Following this news, PayPal shares rose 3.6%, while Robinhood HOOD shares fell by more than 6%.
Technical Market Outlook
The ETH/USD pair has made a new swing high at the level of $3,544 (at the time of writing the analysis), so the 61% Fibonacci retracement on the daily time frame chart had been broken. The next target for bulls is seen at $3,555 and $3,594, but the market conditions remains overbought. The nearest technical support is seen at $3,385 and $3,337.
Weekly Pivot Points:
WR3 - $3,712
WR2 - $3,560
WR1 - $3,379
Weekly Pivot - $3,218
WS1 - $3,063
WS2 - $2,891
WS3 - $2,721
Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550,. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.
