Crypto Industry News:
Ethereum co-founder Vitalik Buterin shared his thoughts on the potential collaboration between Dogecoin and Ethereum on Twitter. During the discussion panel he created on the popular portal, 268 people could ask questions.
Three Arrows Capital CEO Zhu Su asked: "What are the ideas for Ethereum / Doge collaboration? What was it about Doge that got you interested in the project? Su recently said he was "very stubborn" on Dogecoin, and that the meme cryptocurrency "has no risk of ever having any regulatory problems."
Referring to PoS and PoW, Buterin replied:
"Personally, I hope DOGE will switch to PoS soon, perhaps with the Ethereum code. I also hope they won't cancel their annual PoW issue for 5 billion a year, and instead put it in some DAO that finances global public goods."
In August, the Dogecoin Foundation resumed operations with Buterin as one of the board's advisers, along with Jared Birchall, a close associate of Tesla CEO Elon Musk, another prominent Doge supporter.
Among the many questions Buterin received as part of his Twitter experiment was whether he would create another cryptocurrency. The co-founder of Ethereum simply replied "No".
Technical Market Outlook
The ETH/USD pair has made a new swing high at the level of $4,029 and is currently consolidating the recent gains around this level. The next target for bulls is seen at $4,204, but the market conditions remains extremely overbought. The nearest technical support is seen at $3,842, but the intraday support is seen at $3,895. The short-term outlook remains bullish and there is no up trend reversal indication on the higher time frame chart yet.
Weekly Pivot Points:
WR3 - $5,271
WR2 - $4,663
WR1 - $4,404
Weekly Pivot - $3,750
WS1 - $3,518
WS2 - $2,851
WS3 - $2,607
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.
