Crypto Industry News:
One of the most popular luxury fashion brands in the world will introduce crypto payment support by the end of the month. For now, cryptocurrencies will be accepted in 5 stores in the United States, but over time they will also be accepted at other points.
Initially, customers will be able to pay one of twelve different cryptocurrencies, including the most popular Bitcoin (BTC) and Ethereum (ETH).
Technical Market Outlook:
The ETH/USD pair has made the local high at the level of $2,966, however the bounce was capped quickly and the market reversed lower, below the last week's lows. The local low was made at the level of $2,684 in form of a Pin Bar candlestick. The nearest technical resistance is seen at $2,767 and the immediate technical support is located at $2,717. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen at the level of $2,503. The market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend is intact.
Weekly Pivot Points:
WR3 - $3,297
WR2 - $3,159
WR1 - $2,964
Weekly Pivot - $2,841
WS1 - $2,649
WS2 - $2,518
WS3 - $2,324
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues with no problems whatsoever. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the level of $2,646.
