Crypto Industry News:
Public service personnel in public institutions and state entities at all levels of the city of Changshu will receive their salaries in digital Yuan.
CBDC - Central Bank Digital Currency - Digital money of the central bank - the obligation of the central bank, expressed in the applicable settlement unit, in digital form. This obligation serves as a medium of exchange and a store of value.
The Bank for International Settlements (BIS) defines CBDC as a liability of the central bank, expressed in the applicable settlement unit. This obligation serves as a medium of exchange and a store of value.
The International Monetary Fund defines CBDC as a new form of money issued in digital form by a central bank to serve as a legal medium.
According to local reports, the Chinese city of Changshu has stated that all civil servants in its jurisdiction will be fully paid in digital Yuan from May 2023.
According to the announcement issued by the city's financial authority, civil servants - including employees of public servants, public institutions and state entities at all levels - will receive salaries in digital Yuan.
Technical Market Outlook:
The ETH/USD pair is approaching the 50 DMA on the daily time frame chart. Any violation of this moving average dynamic support might result with more downside for ETH. The momentum is weak and negative on the daily time frame chart, so the bears are in total control of the market. The next target for bears is seen at the level of $1,798 and $1,742.
Weekly Pivot Points:
WR3 - $1,939
WR2 - $1,901
WR1 - $1,878
Weekly Pivot - $1,861
WS1 - $1,839
WS2 - $1,824
WS3 - $1,786
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
