Crypto Industry News:
Untouched by the ongoing bear market, the underlying architecture of Bitcoin continues to grow, and in addition it secures, decentralizes and accelerates the impenetrable peer-to-peer network. The same goes for the Bitcoin Lightning Network.
Bitcoin Lightning Network's throughput reached its all-time high of 3,915.776 BTC, as evidenced by data from Bitcoin Visuals, showing improved BTC transaction speed and reduced fees over Layer 2 protocol.
Bitcoin LN was first implemented on the main Bitcoin network in 2018 to address Bitcoin's scalability issues. Since then, it has been able to maintain an upward trajectory in terms of increasing its capacity.
This increase, however, brought a temporary disruption on April 18, when LN capacity fell by 7.7% - from 3,687.051 to 3,402.273 BTC in a week. Showing the resilience of the network, the decline was accompanied by a rapid return to 3,718,351 BTC on May 2. Moreover, the statistics show that all other aspects of the Bitcoin Lightning Network continue to grow in parallel with the global adoption of Bitcoin.
Technical Market Outlook:
The ETH/USD pair continues the bounce towards the technical resistance located at $2,106 after the possible Double Bottom price pattern (still not fully confirmed pattern). The nearest technical resistance is seen at $2,019, but the market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend is still intact. In order to terminate the down trend, the bulls must break through the key short-term technical resistance located at the level of $2,199.
Weekly Pivot Points:
WR3 - $2,344
WR2 - $2,313
WR1 - $1,970
Weekly Pivot - $1,829
WS1 - $1,578
WS2 - $1,463
WS3 - $1,233
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames had broken below the key long term technical support seen at the level of $2,000 and continues to make new lower lows 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 next target for bears is located at the level of $1,420.
