Crypto Industry News:
According to former US Secretary of State Hillary Clinton, cryptocurrencies could destabilize entire countries.
Moreover, it has identified cryptocurrencies as one of the top three challenges that will need to be overcome in the near future. In addition to cryptocurrencies, these are disinformation and artificial intelligence.
Hillary Clinton believes that the growing interest in Bitcoin and other cryptocurrencies may begin to negatively affect countries over time, which in the long run may translate into a threat to the entire global economy.
According to her, cryptocurrencies threaten the US dollar and its position as a global reserve currency, which is bad not only for the US but for the whole world. It is worth noting, however, that the BTC rate is rising along with the inflation in the US, and the recent announcement of record inflation was accompanied by ATH on the oldest cryptocurrency.
Thus, the reasons for the weakening of the USD should probably be sought in the uninterrupted printing of money.
Technical Market Outlook
The ETH/USD pair has retraced 50% of the last wave down and hit the level of $4,433 before the reversal happened. The market conditions on the H4 time frame chart and overbought again, so a deeper down move might occur, targeting the level of $3,954. Any violation of this level would accelerate the down move towards the key short-term technical support seen at $3,954. Please notice, that the larger time frame trend remains up and there is no indication of the trend reversal yet.
Weekly Pivot Points:
WR3 - $5,566
WR2 - $5,159
WR1 - $4,752
Weekly Pivot - $4,357
WS1 - $3,938
WS2 - $3,564
WS3 - $3,134
Trading Outlook:
The next long-term target for ETH is seen at the level of $5,000. 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. The level of $3,677 is the key mid-term technical support for bulls.
