Crypto Industry News:
Elon Musk is convinced that governments will not be able to destroy cryptocurrencies.
Recent actions by China to further bans on decentralized digital assets were the subject of a Tesla CEO's speech at CodeCon on September 28. Musk admitted that the key conclusion that can be drawn from recent events is that the Chinese government "does not love" cryptocurrencies.
While he has not been able to pinpoint what lies behind such a level of hostility, Musk has suggested that the Chinese Communist Party is biased towards cryptocurrencies as they pose a threat to a centralized government:
"I suppose cryptocurrency is essentially intended to undermine the power of a centralized government, and they don't like it, I guess."
Musk admitted that crypto is valuable because governments are unable to control it:
"You know, when governments can't keep their hands off the cookie jar and edit money databases, it probably has some value."
Commenting on his ability to move the market with a single tweet, Musk jokingly stated that it would be a good thing for the market to move upward as a result. With this in mind, he admitted that the long-term perspective is important for cryptocurrencies.
The billionaire added that "destroying" cryptocurrencies is a mission with no chance of success. He did not rule out that actions similar to those currently carried out by China may, however, contribute to a significant slowdown in the development of the industry.
Technical Market Outlook:
The ETH/USD pair has bounced from the technical support seen at the level of $2,728. The nearest technical resistance is seen at the level of $2,980 and $3,052. The momentum is negative and bears are back in control of the market. The last week low located at the level of $2,639 might be tested soon is the bearish pressure prevails. Please notice the weak and negative momentum supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - $4,157
WR2 - $3,675
WR1 - $3,440
Weekly Pivot - $3,036
WS1 - $2,728
WS2 - $2,316
WS3 - $2,003
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 close below the technical support at the level of $2,906. 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.
