Crypto Industry News:
Charles Hoskinson, the creator of the Cardano (ADA) cryptocurrency, who once collaborated with Ethereum Classic (ETC), unexpectedly attacked the project on Twitter. In light of the recent improvement in ETC quotes, these words caused quite a stir in the cryptocurrency community.
Hoskinson stated that Ethereum Classic is nothing more than a "scam" that is only intended to allow "insiders to sell off their shares" to innocent investors. A former ETC collaborator assured that the project has no path of development, innovation, team or vision. According to him, the only things ETC has in abundance are "anger and toxicity."
Hoskinson claims that this is the product of many years of work and marketing by Input Output Global. A technology company specializing in the research and engineering of blockchain structures. However, the creator of Cardano is a man of action and does not limit himself to criticism. He proposed an alternative to ETC - the Ergo cryptocurrency.
Charles Hoskinson is currently involved in the development of Ergo, a cryptocurrency that aims to improve the limitations of blockchain technology such as scalability, interoperability and security.
Hoskinson says Ergo is what ETC should be. In his opinion, it is constantly evolving, has a purpose, a good, ethical leader and funding for the future. He expressed the belief that he is a better choice for investors looking for a cryptocurrency with a clear vision and plan for the future.
Technical Market Outlook:
The ETH/USD pair has made the local low at the level of $1,740, so this level will work as the technical support level while the market is developing the horizontal trend. The momentum is weak and negative on the H4 time frame chart, so any sustained pressure from supply might result in another wave down. So far the intraday movement is limited to $1,823 and the bears keep testing the technical support located at $1,785. If this level is broken, then the bears might test the monthly low seen at $1,739.
Weekly Pivot Points:
WR3 - $1,848
WR2 - $1,826
WR1 - $1,817
Weekly Pivot - $1,803
WS1 - $1,795
WS2 - $1,780
WS3 - $1,758
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.
