Crypto Industry News:
China has announced an ambitious plan to train 500,000 blockchain experts after opening a national blockchain research center. This step is part of China's extensive efforts to introduce this technology as a key element of the digital economy.
The research center authorized by the Ministry of Science and Technology will work with academic institutions, research organizations and enterprises to develop workers and support China's digital economy. It also plans to create a national blockchain network that will connect those already existing in the country and support other industries.
The Beijing Academy of Blockchain and Edge Computing is responsible for managing the center. The government research organization that developed ChainMaker, also known as Chang'An Chain. It is the first domestic open source blockchain platform in China. In January, Beijing's administration uploaded data from more than 80 government agencies to the Chang'an Chain to "effectively improve the security and orderliness of government affairs and social data."
Despite the ban on cryptocurrency exchanges, the government supports the application of basic technology to the digital economy.
According to a document published by the ministry, China plans to become a global leader in blockchain technology by 2025. This is to be used in the real economy, including supply chain management, product tracking, data sharing, identity documentation, as well as data management in education and healthcare.
Technical Market Outlook:
The ETH/USD pair has bounced from the level of $1,761 and is heading higher towards the 50 MA on the H4 time frame chart. The intraday technical resistance is seen at $1,885. The momentum is strong and positive, so the temporary outlook for the ETH on the H4 time frame chart is bullish, but the bears are still in charge of the market and the next target for bears is seen at $1,687.
Weekly Pivot Points:
WR3 - $1,913
WR2 - $1,886
WR1 - $1,844
Weekly Pivot - $1,814
WS1 - $1,795
WS2 - $1,764
WS3 - $1,712
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.
