Ethereum approaching the last swing low
Crypto Industry News:
The Central Bank of Russia (CBR) plans to levy fees on digital ruble transactions, revealed Kirill Pronin, director of the Financial Technology Department of the regulator. The official stressed that these commissions will be lower than the current fees for transfers in the banking sector.
Speaking on the forum under the slogan "Russia's banking system: ensuring the availability of services and resources in the face of increasing risk," Pronin further noted that fees would certainly not exceed the cost of transfers using the Russian Faster Payment System (FPS).
"We assume that the fees for digital ruble transactions will be lower than the current transfer fees for market participants and definitely not higher than the FPS fees," he said.
Russia launched its Faster Payment System in January 2019. It allows Russian residents to send money using only a phone number and pay for goods and services using a QR code. Transfers up to 100,000 rubles a month (about $ 1,350) are free. For transfers exceeding this amount, a 0.5% fee is charged, but no more than 1,500 rubles (approximately $ 20).
Technical Market Outlook
The ETH/USD pair is approaching the swing low seen at the level of $3,954. The market conditions on the H4 time frame chart are coming off the overbought conditions, so a deeper down move might occur, targeting the level of $4,021. 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.
